Create chief quits to join M&S

LLOYDS TSB's £100m venture to woo rich customers suffered a fresh setback when its chief executive walked out just seven days after launch. Laurel Powers-Freeling, head of the new business, Create, is leaving to join Marks & Spencer as chief executive of its financial services division.

The departure is a third blow for Create, which first delayed its launch by three months and then drastically slimmed down its offering, amid fierce competition for wealthy customers.

Lloyds played down the sudden exit, saying her successor, Chris Wiscarson, formerly head of international banking, was a great asset with a great range of experience. A 44-yearold-American, Powers-Freeling will join the main board of the struggling retailer, boosting the number of women directors there to three out of 12.

She replaces Dave Towell, who is retiring, and she takes over board responsibility for financial services from former finance director Robert Colville, who is also retiring next year.

Powers-Freeling worked at Morgan Stanley and later Prudential before joining the Lloyds group as finance director for Lloyds Abbey Life in 1994. Create was developed to serve the growing number of Britain's rich - those with at least £100,000 in liquid assets.