Lloyds retail GC to resurface at thread giant Coats

Lloyds Banking Group’s general counsel of retail and wealth Stuart Morgan is expected to become the first general counsel of thread and zips manufacturer Coats.

Morgan, the lawyer driving forward Lloyds’ Project Canberra project – the bank’s decision to outsource its retail and asset finance litigation teams to a panel firm, handed in his notice last month (28 April 2013).

The former Freshfields Bruckhaus Deringer lawyer joined Lloyds in 2007, having previously been Morgan Stanley’s deputy head of European and Asian litigation and its director of law and compliance.

He is expected to join Coats, the world’s biggest maker of industial thread, once he serves out a six-month notice period at Lloyds. It is not known if Coats has hired anyone else to support him.

The textile business has made some major senior hires in the last year as it prepares for a return to the stock market. In September it brought in former HMRC chairman Mike Clasper, a former chief executive of BAA, to head up the business.

Coats is owned by investment holding company Guiness Peat Group, which is looking to float the UK manufacturer on the London Stock Exchange.

Clasper said in a statement last year: ”I am looking forward to working with the board and management as the business makes the transition to being a standalone listed company.”

It is not known if Clasper was behind the hire of a new general counsel. Coats did not comment on Morgan’s move. 

In a statement Lloyds’ deputy GC Kate Cheetham said: “Since joining in 2007 Stuart has made a huge contribution to the legal team during a time of significant change for both the group and the wider banking sector, and we’ll be sorry to see him go.”