Chairman of Lloyds Banking Group set to stand down
Monday 13 May 2013
The chairman of Lloyds Banking Group is to step aside within the next year after hailing "significant progress" in the bank's recovery plan.
Since becoming chairman in September 2009, Sir Win Bischoff has worked with management in stabilising the business and readying it for the potential sale of the Government's 39% shareholding.
He will retire no later than next year's shareholder meeting in May 2014, with the exact date subject to the appointment of his successor.
Sir Win said: "Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank.
"Whilst clearly some challenges remain, the performance of the group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the group and it is therefore a good time to start the search for my successor."
Lloyds will hold its annual meeting on Thursday, having recently announced a big jump in profits for the first quarter of this year.
The Government is expected to begin the process of reprivatising Lloyds and Royal Bank of Scotland (RBS) before the general election in 2015.
- 1 Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...