Lloyds Banking Group - Lloyds Banking Group Leadership Succession
LEADERSHIP SUCCESSION AT LLOYDS BANKING GROUP
Following the announcement last year that Lord Blackwell intended to retire as Chairman of
During a long career with
With the Chair succession now in place, António Horta-Osório has also informed the Board of his intention to step down as Chief Executive in 2021 after having delivered three strategic plans and completed 10 years in the role next year.
António has agreed to time his stepping down as Group CEO to support a smooth transition, with a target date at the end of June next year, at which point he will retire from Lloyds. Until then he will continue to be completely focused with the executive team on delivering the remainder of the current strategic plan (GSR3), as well as the plans put in place to address the Covid 19 pandemic effects and support our customers during these difficult times.
This planned leadership succession will allow a new Chief Executive to work with the new Chair in the next stage of the Group's development and transformation.
Lord Blackwell comments:
"I am delighted to welcome Robin Budenberg to the Board as my successor. His knowledge of the Group combined with his broad experience in both financial services and other strategic advisory roles give him an outstanding background to provide the Board leadership required to support the continued transformation of the Group.
I would also like to take this opportunity to pay tribute to the outstanding contribution that António Horta-Osório has made to first turning round and then leading the strategic development of the Group over the last decade. His personal commitment and strong vision have driven a period of massive and successful change in the Group, restoring Lloyds to its preeminent position in Helping Britain Prosper as the UK's leading retail and commercial bank. During his tenure, he has overseen a comprehensive transformation of the Group's balance sheet, operations, and customer propositions, including the repayment of the UK Government's
His decision to announce now his planned retirement allows for an orderly succession process to appoint a new Chief Executive next year to work with the new Chair."
Robin Budenberg comments:
"Lloyds will play a vital role as Britain recovers from the current crisis. It is a great honour and challenge to take on the role of Chair at this time and I hope to continue Norman and António's work, initially alongside António, in pursuing Lloyds' core purpose of Helping Britain Prosper and in building the culture of the bank in order to support that purpose."
António Horta-Osório comments:
"It is of course with mixed emotions that I announce my intention to step down as Chief Executive of
Everyone at Lloyds has unified around our purpose of Helping Britain Prosper and our customers and communities are seeing our commitment to that now, more than ever.
I have been honoured to play my part in the transformation of large parts of our business. I know that when I leave the group next year, it has the strategic, operational and management strength to build further on its leading market position".
This announcement contains information that qualified or may have qualified as inside information and is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 ("MAR"). For the purposes of MAR, this announcement is made by
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There are no other matters to be disclosed under listing rule 9.6.13R in relation to Robin Budenberg's appointment.
On assuming the role of Chair, Robin Budenberg's compensation will remain unchanged from that of the current Chairman, at
This information is provided by RNS, the news service of the
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