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Waterstone’s board role for former HBOS chairman

Lord Stevenson, ex-chairman of HBOS, to join Alexander Mamut’s book chain as director

Lord Stevenson of Coddenham, the former chairman of the rescued high street banking group HBOS, has landed a directorship at the book chain Waterstone’s.

The crossbench peer, who is understood to have played a major role in the deal that saw the retailer acquired by the Russian oligarch Alexander Mamut for £53m in May, is one of five non-executive directors announced by the company on Tuesday. He will be joined on the board by chairwomen Miranda Curtis, a director of media group Liberty Global, Mamut, Marina Groenberg of Mamut’s investment vehicle A&NN and Nick Perren, chairman of Profile Books.

Executive director James Daunt said: “As we go through a crucial period of evolution, we are extremely fortunate to have in place a board of such breadth of experience.”

While perhaps best known for his role in banking, Stevenson also spent eight years as chairman and 19 years on the board of Pearson, the media group that owns the Financial Times and Penguin books.

His new role comes less than three months after his last chief executive at HBOS, Andy Hornby, also landed a new job running the bookmaker Coral. The Financial Services Authority is conducting an investigation into the events that led to HBOS being saved by what was then Lloyds TSB in September 2008, although Stevenson is not thought to have been interviewed as part of that enquiry.

When Mamut acquired Waterstone’s from HMV this year he installed Daunt, the founder of the upmarket independent London chain Daunt Books, as managing director. © 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds