Morgan, who left her role as Boots' director of strategic marketing late last year, will join HBOS on May 5. She will succeed James Boulton, who is to become head of sales and marketing for credit card division HBOS Card Services.
The shake-up will see Morgan take a seat on the HBOS retail board. She will report to James Corcoran, the group's head of products, while Boulton will join the executive management team at HBOS Card Services and be directly accountable for delivery of the business' growth strategy.
Among Morgan's responsibilities will be developing HBOS's retail strategy for its branch networks across the UK. She will also oversee the banking brands' marketing communications, which account for a budget of at least £30m. The creative accounts for the banks are handled by Delaney Lund Knox Warren.
Her arrival at HBOS follows a buoyant spell for the group, which increased profits from £2.5bn to £3.06bn in 2002. The firm's profits in retail banking surged by 18% to £1.43bn as it grew its share of the mortgage market.
The company also added 1.3 million current account customers last year.
Morgan's career at Boots, where she was its first female marketing chief, involved overseeing the chain's 'Ideas for Life' strategy and the growth of its Advantage Card loyalty scheme. Prior to that she had worked at Heinz, Tonka and Hasbro.
HBOS Group has about 25 million customers and more than 1000 branches across the UK. As well as being the UK's biggest lender and savings provider, HBOS Card Services is the biggest issuer of new credit cards and has a 30% market share of all new mortgages. HBOS claims to have a relationship with 40% of UK households.
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