Shock as Alliance Boots boss quits ‘to take break’

Mr Hornby, who was head of Halifax Bank of Scotland before its near-collapse and rescue by Lloyds TSB, has stepped down with immediate effect, according to the firm.

Mr Hornby said he planned to take a few months break.

Boots executive chairman Stefano Pessina will take on his role while the firm searches for a replacement.

Mr Hornby was one of a number of bankers – including former Royal Bank of Scotland boss Sir Fred Goodwin – who received a very public mauling in the wake of the financial crisis which led to a series of taxpayer bail-outs.

Lloyds has been left 41 per cent owned by the state after assuming billions of pounds of bad debts through its takeover of troubled lender HBOS.

But Mr Hornby’s reign at Boots appeared trouble-free, with the group’s last set of results showing a 12.7 per cent rise in trading profits.

Recent sales figures revealed that the high street chain shrugged off a tough December which left many rivals under pressure.

The group stressed yesterday that it expects to deliver “another year of strong trading profit growth” when it reports results to March 31 in May.

Mr Hornby said: “After an intense last five years as chief executive of two major companies, I have decided to take a few months break.”

He added: “I have thoroughly enjoyed the last couple of years at Alliance Boots during which time the company has performed very well.”

Mr Hornby also leaves behind a well-paid position, with an £850,000-a-year salary, not including bonuses.

He landed a £400,000 “golden hello” when he took on the top job at Boots in July 2009.

The firm’s last annual report showed he earned a total of more than £2m in pay and benefits for the first nine months alone.