Sir Winfried Bischoff will step down as chairman of the Lloyds Banking Group board, the bank has announced today (13 May).
Chairman since 2009, Sir Winfried today revealed he will retire no later than the shareholders meeting in May 2014, although the exact date will be subject to the appointment of his successor.
Anthony Watson, senior independent director at Lloyds, will lead the search for Sir Winfried’s replacement, which begins immediately.
Sir Winfried said: “Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank.
“Whilst clearly some challenges remain, the performance of the group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the group and it is therefore a good time to start the search for my successor.”
