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With Ladbrokes primed to merge with Gala Coral in the coming weeks, the new firm’s CEO has already been selected and it is none other than disgraced one-time banker Andy Hornby.
Mr. Hornby acted as CEO of Halifax bank of Scotland when that bank nearly collapsed during the financial crisis of 2008. Hornby, who took over at HBOS aged just 39, has been heavily criticised for his role in the downfall of the bank following years of reckless lending, This Is Money noted.
A report by the Parliamentary Commission on Banking Standards found that Hornby was ‘unable or unwilling to change course’ at HBOS after his predecessor Sir James Crosby set the bank on the road to ‘disaster’.
Hornby’s primary role is expected to be the overseeing of some 4000 betting shops owned by Ladbrokes Coral.
- Aaron Goldstein, Gambling911.com
