LONDON (UK) – Lloyds Banking Group announced on Monday that its CEO António Horta-Osório will step down next year after ten years of service. It appointed veteran Robin Budenberg as the new chairman.
Horta-Osório said that he was leaving with “mixed emotions” and would step down in June next year.
He joined Lloyds in 2011 and led the turnaround at the bank in the wake of its government rescue in the 2007-09 financial crisis. It returned to private control in 2017.
Budenberg served at SG Warburg and UBS and advised the government on its bailout of British banks.
Osorio led the government’s UK Financial Investments and served as chairman of The Crown Estate.
Budenberg is slated to join the board of Lloyds on Oct. 1 and take over as chairman in early 2021.
Horta-Osorio said: “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”.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field