When Sir Tom McKillop retired as a director of BP, some fans said that a fine non-executive was sacrificing himself unnecessarily to appease investors offended by his lamentable record as chairman of Royal Bank of Scotland.

The bold decision by privately held Alliance Boots, the drugs wholesaler and retail pharmacy chain, to hire Andy Hornby raises the same issues, from the other direction. If Sir Tom was tainted by RBS, why aren’t Mr Hornby’s prospects crippled by his role in leading HBOS to the brink of disaster? Alternatively, if Mr Hornby can resurrect his career, should Sir Fred Goodwin brush off his CV?