The Lloyds Banking Group chief executive, António Horta-Osório, is to step down next year after 20 years in the job.
Horta-Osório has told Lloyds that he intends to step down in June 2021, the bank said. He will have earned more than £60m by the time he leaves the bank after spending a decade leading the bank.
Lloyds also unveiled Robin Budenberg as its new chairman, replacing Lord Blackwell from next year.
Blackwell said, “During his tenure, he has overseen a comprehensive transformation of the group’s balance sheet, operations and customer propositions, including the repayment of the UK government’s £21bn investment and evolution of the group into the UK’s largest digital bank.”
Horta-Osório 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.”