Horta-Osorio to quit as Lloyds chief after decade at helm
THE boss of Lloyds is to step down next year after a decade at the top in which he returned the bank to private ownership following a £20bn taxpayer bailout during the financial crisis.
Antonio Horta-Osorio will quit as chief executive by June 2021. Lloyds also announced that banking veteran Robin Budenberg would succeed Lord Blackwell as chairman in October.
Sources said last October that the bank was in the “initial research” stage of finding a successor.
Italian lender UniCredit’s chief executive Jean-Pierre Mustier, Royal Bank of Scotland’s former chief Stephen Hester or HSBC’s ousted boss John Flint were all in the frame as potential replacements, John Cronin, a banks analyst at Goodbody, said.
Fahed Kunwar, a banks analyst at Redburn, said likely internal candidates to replace Mr Horta-Osorio include head of retail banking Vim Maru and commercial banking chief David Oldfield. The pair have been at the forefront of the bank’s response to the coronavirus pandemic.
It is not yet known what the 56-yearold is planning to do next himself, although Mr Cronin said there could well be a case of “musical chairs” in the industry as he could replace Mr Mustier at UniCredit if he were to leave for pastures new. Barclays boss Jes Staley is also thought likely to step down in the next few years. Mr Budenberg was previously chief executive – then chairman – of UK Financial Investments, the body charged with managing the Government’s bailout of banks after the financial crisis, including the stake in Lloyds which it has now sold down. He is currently chairman of the Crown Estate, a role that he will retain.
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