Lloyds Banking Group has announced that CEO Antonio Horta-Osorio, who has been on sick leave for nine weeks, will return to his job on 9 January 2012.
The banking group said that it has completed a rigorous process, including obtaining independent medical advice, to assess Horta-Osorio’s ability to return and effectively lead the group.
After a confirmation from the medical advice that Horta-Osorio has completely recovered, the Lloyds board has agreed to an initiative to reduce his direct reporting lines.
The group said that the initiative is designed to provide the most appropriate environment to maximise the senior management’s contribution as the group enters the next stage of its transformation.
Sir Win Bischoff, chairman of Lloyds Banking Group, said, “The Board and I are pleased that Antonio has made a full recovery. We are looking forward to his return after the New Year to continue to lead the Group and build on the strong progress he has already made in transforming the business and delivering the strategic plan.”
Lloyds Group chief financial officer Tim Tookey is presently the bank’s interim chief executive but is due to leave the company early next year.
Horta-Osorio was formerly head of Santander UK and became boss of Lloyds in March. Since taking over from Eric Daniels on March 1, Horta-Osorio has announced 15,000 job cuts, a reorganization of the lender’s management structure and an increased focus on its UK core market.
In a separate announcement, Lloyds said that the Co-operative Group is the preferred bidder to sell its European Commission (EC) mandated retail and commercial business divestment (Verde).
Tim Tookey, interim group chief executive and group finance director, said, “We are pleased to be reporting progress with the Verde divestment which continues to move forward in line with our expectations. I am confident that we will complete the transaction by the end of November 2013, in line with the EC mandated timescale.”
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