Updated: Alliance Boots has confirmed it will hire former HBOS boss Andy Hornby as its new chief executive.

Hornby will join on July 1.

The retailer said Hornby has “considerable retail and marketing experience, having been at Asda, where he held a number of senior general management roles including managing director of George”.

Executive chairman Stefano Pessina said he is “very pleased” that Hornby is joining the retailer.

He said: “We, together with our executive colleagues, believe that his collaborative management approach aligns with our values, culture and team spirit. While the existing management structure will continue unchanged, his appointment will enable me to dedicate even more of my time and energy to the development and growth of Alliance Boots. Andy’s wealth of retail and marketing experience will be an invaluable asset for the company, complementing our existing skills and expertise.”

Hornby will report to Pessina, who remains executive chairman.

Over the weekend Alliance Boots had revealed that Hornby was a “leading candidate” for the position.

Hornby’s management experience at Asda has contributed to executive chairman Stefano Pessina’s positive talks with the former banker.

The role of chief executive has been vacant since Richard Baker’s departure in 2007. In the interim Pessina has been relying on the heads of the company’s two arms – Ornella Barra, who is the boss of the wholesale pharmaceuticals, and Alex Gourlay, who heads the health and beauty business.

Hornby’s reputation was severely brought into disrepute when HBOS almost collapsed last year. Before this he lead the retail divisions of Halifax.