Andy Hornby, Boots the Chemist

According to the BBC, Mr Hornby was apologetic for his role in HBOS's near collapse.

The UK High Street's biggest chemist chain, Alliance Boots, has confirmed former HBOS boss Andy Hornby as its new chief executive.

Mr Hornby, in charge of HBOS at the time of the bank's near-collapse last autumn, will start work with the firm from July.

Before moving to HBOS he spent time in senior posts at supermarket giant Asda.

Boots and Alliance Unichem merged in 2006 to form Alliance Boots, later taken over by private equity firm KKR.

Alliance Boots is Europe's largest wholesale and retail player in the pharmaceutical industry and employs 115,000 people.

It is currently run by the Italian billionaire Stefano Pessina, who holds the post of executive chairman. Mr Hornby is a non-executive director of Home Retail Group, which owns Argos and Homebase.

He led led HBOS up to the end of 2008 when the company posted banking losses of £11bn - before being swallowed up by rivals Lloyds TSB. Mr Hornby had been the youngest-ever boss of a main British bank when he became HBOS chief executive three years ago.

"I have had occasion to deal with Andy Hornby and his then team as at my last company, Cardpoint plc, we paid HBOS £50m for 816 Cash Machines. He is an inspirational leader and whilst HBOS may have suffered from a flawed business model, he has paid the price and should be allowed to move on." Mark Mills commented.