 Stevenson became chairman of Halifax plc in 1999 and when they merged with Bank of Scotland in May 2001 he became chairman of the merged group, HBOS plc.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".At a meeting of the Treasury Select Committee of the House of Commons on 10 February 2009, Stevenson apologised for the near-collapse of HBOS.