Lloyds Banking Group PLC Lloyds Banking Group Leadership Succession
RNS Number : 0586S
Lloyds Banking Group PLC
06 July 2020
6 July 2020
LEADERSHIP SUCCESSION AT LLOYDS BANKING GROUP
Following the announcement last year that Lord Blackwell
intended to retire as Chairman of Lloyds Banking Group over the
coming year, the Group is pleased to announce that Robin Budenberg
CBE has been selected as his successor. Robin will join the Group
Board on October 1st 2020 and take over as Chair in early 2021 when
Lord Blackwell steps down from the Board.
During a long career with S.G. Warburg/UBS Investment Bank,
Robin Budenberg worked closely with the Government in 2008 as an
advisor on the recapitalisation of the UK banking industry. In 2009
he became Chief Executive, then Chairman, of UK Financial
Investments (UKFI) with responsibility for managing the UK
Government's investment in UK banks, including Lloyds. In 2014,
Robin became London Chairman of Centerview Partners, the US based
independent advisory firm, and in 2016 he was appointed Chairman of
The Crown Estate, which has a diverse GBP14 billion portfolio with
its profits remitted to the Treasury for the benefit of the public
finances. Before he assumes the role of Chair of Lloyds Banking
Group he will step down from his current roles at Centerview
Partners and on the boards of Big Society Trust and Charity Bank,
but will continue as Chairman of The Crown Estate. His selection
followed an extensive search process led by the Group's Senior
Independent Director, Alan Dickinson.
With the Chair succession now in place, António Horta-Osório has
also informed the Board of his intention to step down as Chief
Executive in 2021 after having delivered three strategic plans and
completed 10 years in the role next year.
António has agreed to time his stepping down as Group CEO to
support a smooth transition, with a target date at the end of June
next year, at which point he will retire from Lloyds. Until then he
will continue to be completely focused with the executive team on
delivering the remainder of the current strategic plan (GSR3), as
well as the plans put in place to address the Covid 19 pandemic
effects and support our customers during these difficult times.
This planned leadership succession will allow a new Chief
Executive to work with the new Chair in the next stage of the
Group's development and transformation.
Lord Blackwell comments:
"I am delighted to welcome Robin Budenberg to the Board as my
successor. His knowledge of the Group combined with his broad
experience in both financial services and other strategic advisory
roles give him an outstanding background to provide the Board
leadership required to support the continued transformation of the
I would also like to take this opportunity to pay tribute to the
outstanding contribution that António Horta-Osório has made to
first turning round and then leading the strategic development of
the Group over the last decade. His personal commitment and strong
vision have driven a period of massive and successful change in the
Group, restoring Lloyds to its preeminent position in Helping
Britain Prosper as the UK's leading retail and commercial bank.
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
GBP21bn investment and evolution of the Group into the UK's largest
His decision to announce now his planned retirement allows for
an orderly succession process to appoint a new Chief Executive next
year to work with the new Chair."
Robin Budenberg comments:
"Lloyds will play a vital role as Britain recovers from the
current crisis. It is a great honour and challenge to take on the
role of Chair at this time and I hope to continue Norman and
António's work, initially alongside António, in pursuing Lloyds'
core purpose of Helping Britain Prosper and in building the culture
of the bank in order to support that purpose."
António Horta-Osório comments:
"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. 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".
This announcement contains information that qualified or may
have qualified as inside information and is disclosed in accordance
with the Market Abuse Regulation (EU) 596/2014 ("MAR"). For the
purposes of MAR, this announcement is made by Kate Cheetham, Group
General Counsel & Company Secretary.
- END -
For further information:
Group Investor Relations Director +44 (0) 20 7356 1571
Email: douglas.radcliffe@ lloydsbanking.com
Group Corporate Affairs
Head of Media Relations
Email: firstname.lastname@example.org +44 (0) 20 7356 3522
There are no other matters to be disclosed under listing rule
9.6.13R in relation to Robin Budenberg's appointment.
On assuming the role of Chair, Robin Budenberg's compensation
will remain unchanged from that of the current Chairman, at
GBP772,850 p.a. for 2020.
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(END) Dow Jones Newswires
July 06, 2020 02:00 ET (06:00 GMT)
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