Portuguese Lloyds bank executive to step down
Lloyds Banking Group chief executive António Horta-Osório will step down next year after spending a decade at the helm.
Horta-Osório said he had “mixed emotions” about the decision, which the bank said would see him leave the role by the end of June 2021.
As part of the shake-up, Lloyds also appointed industry veteran Robin Budenberg as new chairman.
Last year, Lord Blackwell said he would retire as Lloyds chairman during 2020.
Lloyds said in a statement that the 12-month timeframe for the appointment of a replacement chief executive would allow a smooth transition.
Until then Horta-Osório would remain focused on delivering the bank’s current strategic plan, and steer the bank through some of the international effects of the coronavirus crisis, Lloyds said.
The Portuguese executive joined Lloyds in 2011, having been chief executive of Spanish-owned lender Santander UK. Since then he has overseen three strategic plans as the bank emerged from the global financial crisis and the UK government unwound its £21bn bailout stake in the lender. Lloyds returned fully to private hands in 2017.