Lloyds CEO steps down as Robin Budenberg appointed chair

António Horta-Osório to step down in 2021 after ten years with the bank

Chief executive of Lloyds António Horta-Osório has informed the bank’s board that he will be stepping down in 2021 after ten years with the bank, while Robin Budenberg has been confirmed as the replacement for Lord Blackwell who retires as chair next year.

Horta-Osório delivered three strategic plans in his time as chief executive of the bank, which has seen great change since the Global Financial Crisis, after which it has recovered from the brink of collapse. Capturing European banks' improving fundamentals To support a smooth transition, Lloyds announced on Monday that Horta-Osório will remain with the bank until "a target date" at the end of June next year, at which point he will retire from Lloyds. In the meantime, he will work with the executive team on delivering the remainder of the current strategic plan, as well as the plans p...