Former HBOS chief Sir James Crosby leaves trustee role at Cancer Research UK

A parliamentary commission report released last week said Crosby was among those responsible for 'catastrophic failures' at the bank

Sir James Crosby
Sir James Crosby

Sir James Crosby, the former chief executive of HBOS who was criticised for the part he played in the bank’s downfall, has stepped down as a trustee of Cancer Research UK.

Crosby was criticised by the Parliamentary Commission on Banking Standards when it published its report on the bank last Friday.

Crosby had been a member of the charity’s trustee board since 2008 and later became treasurer, but he stood down from that role last December.

In a statement published on The Daily Telegraph website yesterday, Crosby said he intended to step down from his role as a trustee of CRUK and asked for the knighthood he received shortly after he left HBOS in 2006 to be removed.

He said: "It is with great personal sadness that I have decided to stand down from my voluntary position as a trustee of Cancer Research UK. They do remarkable work and it has been a great privilege and pleasure to have played my part. However, I want to put their interests firmly before mine and would wish them every success in the future."

Michael Pragnell, chairman of CRUK, said: "I fully respect James’s decision to step down as a trustee and, on behalf of the charity, would like to thank him for his active support over the past five years and wish him well."

The Parliamentary Commission on Banking Standards described the HBOS collapse as a story "of catastrophic failures of management, governance and regulatory oversight". The commission said that the responsibility for the bank’s failing should lie with its former chairman, Lord Stevenson, and its former chief executives, Crosby and Andy Hornby.

Catering firm the Compass Group also announced yesterday that Crosby had stepped down as a non-executive director.

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