Leadership Succession at Lloyds Banking Group

Chairman Lord Blackwell to step down, Robin Budenberg selected as successor; CEO Horta-Osório to exit in June 2021.

Lloyds Group announced today that Robin Budenberg has been selected as chairman Lord Blackwell’s successor.

The firm revealed last year that Lord Blackwell is set to retire in early 2021. Budenberg will join the group board on October 1 this year and take over as chair at the beginning of next year.

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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.

Five years later, Budenberg was appointed London chairman of Centerview Partners, a US based independent advisory firm.

In 2016, he became chairman of The Crown Estate, which has a diverse £14 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, Budenberg will step down from his current roles at Centerview Partners and on the boards of Big Society Trust and Charity Bank.

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He 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, according to the announcement.

CEO António Horta-Osório to step down in June 2021

With the chair succession now in place, CEO António Horta-Osório has also informed the board of his intention to step down as CEO in 2021 after having delivered three strategic plans and completed 10 years in the role next year, Lloyds revealed.

The firm said that Horta- Osório 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 CEO to work with the new chair in the next stage of the Group’s development and transformation.

“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 Group”, Lord Blackwell said.

“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,” Budenberg commented.

“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”, António Horta-Osório added.

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