Early life

Peter Alexander Burt (born 6 March 1944 in East Africa) was educated in Scotland. He graduated from the University of St Andrews

University of St Andrews

The University of St Andrews, informally referred to as "St Andrews", is the oldest university in Scotland and the third oldest in the English-speaking world after Oxford and Cambridge. The university is situated in the town of St Andrews, Fife, on the east coast of Scotland. It was founded between...

 and the University of Pennsylvania

University of Pennsylvania

The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...

's Wharton School and later worked in the computer industry in California and Scotland.

Bank of Scotland

Burt joined the Bank of Scotland

Bank of Scotland

The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...

 in 1975, working in the international and oil and energy department. He rose to became head of the international division in 1985, treasurer and chief general manager in 1988 and eventually Chief Executive

Chief executive officer

A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...

 in 1996.

The main events of his stewardship were the failed takeover bid for the NatWest Bank and the merger with Halifax plc to form HBOS

HBOS

HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...

. Following the merger, he served as Deputy Chairman of HBOS and Governor of the Bank of Scotland

Bank of Scotland

The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...

, (a largely ceremonial role) from 2001 to 2003 and left the board afterwards.

By September 2008 HBOS

HBOS

HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...

 was revealed to be in a poor financial condition and word broke of advanced merger talks with Lloyds TSB

Lloyds TSB

Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...

, the reports were later confirmed. In light of this development, news surfaced on 8 November of a letter from Burt and his contemporary Sir George Mathewson

George Mathewson

Sir George Mathewson is a Scottish businessman. His father was an electrical engineer. He was educated at Perth Academy and the University of St Andrews' Queen's College in Dundee, from where he graduated in 1961 with a degree in mathematics and applied physics...

 to HBOS Chairman Lord Dennis Stevenson

Dennis Stevenson, Baron Stevenson of Coddenham

Henry Dennistoun "Dennis" Stevenson, CBE, DL was created a life peer as Baron Stevenson of Coddenham, of Coddenham in the County of Suffolk in 1999, and was awarded a CBE in 1981...

. The letter recommended the immediate resignation of Lord Stevenson and HBOS

HBOS

HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...

 Chief Executive Andy Hornby

Andy Hornby

Andy Hornby is an English businessman, notable for having been the Group Chief Executive of HBOS at the time of its government-facilitated rescue by Lloyds TSB...

. The letter explained that the roles of Chairman and Chief Executive would be filled by Mathewson and Burt respectively and that HBOS

HBOS

HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...

 would continue to trade as an independent bank majority owned by The Treasury

HM Treasury

HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...

. However the proposal was rejected by the bank in a swift response by Lord Stevenson and failed to win the endorsement of the U.K Government

Government of the United Kingdom

Her Majesty's Government is the central government of the United Kingdom of Great Britain and Northern Ireland. The Government is led by the Prime Minister, who selects all the remaining Ministers...

. The propsal was withdrawn on 20 November 2008.

Other Work

In 2004, he was appointed Chairman of ITV plc

ITV plc

ITV plc is a British media company that operates 12 of the 15 regional television broadcasters that make up the ITV Network, the oldest and largest commercial terrestrial television network in the United Kingdom...

. He also serves as a non-executive director of Royal Dutch Shell

Royal Dutch Shell

Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...

, Chairman of Dyslexia Scotland and on the Boards of a number of charities.