Peter Burt
Sir Peter Burt | |
|---|---|
| Born | Template:Birth date East Africa |
| Died | November 28, 2017 (aged 73) |
| Occupation(s) | Entrepreneur, banker |
| Known for | Chief Executive and Governor of the Bank of Scotland; chairman of ITV plc |
Sir Peter Alexander Burt FRSE (6 March 1944 – 28 November 2017) was a prominent Scottish entrepreneur who served as both chief executive and later as governor of the Bank of Scotland.
Early life
Born in East Africa in 1944, Burt received his education in Scotland. He earned degrees from the University of St Andrews and the Wharton School at the University of Pennsylvania, subsequently gaining experience in the computer sector across California and Scotland.
Bank of Scotland
Burt began his career at the Bank of Scotland in 1975, starting within the international and oil and energy division. He advanced to lead the international department in 1985, then took on the roles of treasurer and chief general manager by 1988, eventually becoming Chief Executive in 1996.
During his leadership, Burt oversaw an unsuccessful attempt to acquire NatWest Bank and orchestrated the merger with Halifax plc, which resulted in the formation of HBOS. Following this merger, he held the position of deputy chairman at HBOS and acted as Governor of the Bank of Scotland—a role largely symbolic—from 2001 until 2003, after which he stepped down from the board.
By September 2008, HBOS was experiencing significant financial challenges that led to discussions about merging with Lloyds TSB. On 8 November, Burt along with Sir George Mathewson sent a letter to HBOS Chairman Lord Stevenson recommending that both he and Chief Executive Andy Hornby resign immediately. They suggested that Mathewson assume the chairmanship and Burt take over as chief executive, aiming to maintain HBOS’s independence with majority ownership retained by The Treasury. This proposal was declined by the bank and did not receive backing from the UK Government, resulting in its withdrawal on 20 November 2008.
Other work
In 2004, Burt was named chairman of ITV plc and also served as a non-executive director for Royal Dutch Shell until 2006. Additionally, he chaired Dyslexia Scotland and contributed to various charitable organizations through board memberships.
He passed away in 2017 and was laid to rest in the northern extension of Whitekirk graveyard located in East Lothian.