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Horta-Osorio to step down as Lloyds names new chairman

Antonio Horta-Osorio Youtube

Antonio Horta-Osorio: ‘lucky’

António Horta-Osório, pictured, is to step down as chief executive of Lloyds Banking Group next year after delivering the three strategic plans and completing 10 years in the role.

His announcement comes as the the bank, which owns Bank of Scotland, Scottish Widows and Halifax, announces that the former head of the body managing taxpayer stakes in the banks, Robin Budenberg, will succeed Lord Blackwell as chairman.

Mr Horta-Osório added: “It is of course with mixed emotions that I announce my intention to step down as chief executive of Lloyds Banking Group by June next year.

Scottish Widows

Scottish Widows: part of group

“I am lucky to have had the support of a superb board and executive team on whom I will continue to rely as we complete our current strategic plan, transforming the group into the bank of the future.

“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.”

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Mr Budenberg will join the board on 1 October and take over as chairman in early 2021 to replace Lord Blackwell, who announced his retirement last year.

Mr Budenberg holds the same role at independent advisory firm Centerview Partners and property management company The Crown Estate, while he is also on the boards of social investment watchdog Big Society Trust and ethical bank Charity Bank.

He will step down from all roles but will remain chairman at The Crown Estate when joining Lloyds.

He previously held senior positions at S.G. Warburg/UBS Investment Bank, then was appointed as chief executive, then chairman, of UK Financial Investments with responsibility for managing the UK Government’s investment in UK banks, including Lloyds.

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