9 August 2010 | Angeline Albert
An interim group procurement director is in place at Lloyds Banking Group to cover the gap left by former CPO Caroline Booth, who left the company on Friday.
Mark Swyny has been appointed to the role, following Booth’s decision to emigrate to Canada to work as CPO at Toronto Dominion Bank Financial Group. He will hold the post until a permanent appointment is made.
SM reported in 2007 that Swyny, then service and systems director in group procurement, said the bank had set a target of putting £1 billion of spend through a new e-purchasing system by the end of 2008. The “shop@i-need” system was introduced to improve compliance and simplify controls. In the same year Swyny helped manage the introduction of an SAP supplier relationship management e-procurement tool.
Booth was with Lloyds for more than four years – initially as group procurement director for Lloyds TSB and then for Lloyds Banking Group upon its formation in January 2009 when Lloyds TSB acquired HBOS.
Lloyds Banking Group saved £34 million in 2009 through procurement activities, following its merger with HBOS. To lower costs after the merger, Booth consolidated existing contracts across the group, removed duplication in the supply base and took advantage of greater spending power. Other procurement activities included combining back office functions and consolidating IT systems.
As a graduate trainee in 1981, Booth joined oil giant Shell. One of her key achievements there involved executing a multibillion-dollar savings project. She left Shell in 1997 to join Ernst & Young. In 2004, Booth became Ernst & Young’s head of supply chain for the UK.
While at Lloyds, Booth said she put better purchasing on the board’s agenda. She told SM in an interview: “If you can make procurement a contributor to the business objectives, you can make it a more important function.”