 In light of this development, news surfaced on 8 November of a letter from Burt and his contemporary Sir George Mathewson to HBOS Chairman Lord Stevenson.The letter recommended the immediate resignation of Lord Stevenson and HBOS Chief Executive Andy Hornby.The letter explained that the roles of Chairman and Chief Executive would be filled by Mathewson and Burt respectively and that HBOS would continue to trade as an independent bank majority owned by The Treasury.