He worked in a collegiate manner under Stefano Pessina’s leadership with the other members of the Executive Committee: Ornella Barra (chief executive, Pharmaceutical Wholesale Division, Alliance Boots), Alex Gourlay (chief executive, Health & Beauty Division, Alliance Boots), George Fairweather (Group Finance Director, Alliance Boots) and Marco Pagni (Group Legal Counsel and Chief Administrative Officer, Alliance Boots).
After the collapse of Lehman Brothers in September 2008 and the subsequent forced rescue-merger between HBOS and Lloyds TSB, Stevenson and Andy Hornby resigned, waiving their rights to any "pay-offs".
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In April 2013, the Parliamentary Commission on Banking Standards assigned the primary responsibility for the collapse of HBOS to Stevenson along with former chief executives Sir James Crosby and Andy Hornby.
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