UPDATE ON MANAGEMENT PLANS

RNS Number : 4370S

Lloyds Banking Group PLC

21 November 2011

 



21 November 2011

LLOYDS BANKING GROUP PROVIDES AN UPDATE ON MANAGEMENT PLANS

Following the announcement of 2 November 2011 stating that the Group CEO, António Horta-Osório, had taken a short leave of absence on medical advice, the Lloyds Banking Group Board is pleased to note that António is continuing to make good progress in his recovery.

As part of its contingency plans the Board has agreed that David Roberts¹, a non-Executive Director since 2010 and Chairman of its Risk Committee, will assume the position of Interim Group Chief Executive in the event that António's return were delayed beyond this time.

Sir Win Bischoff, Chairman of Lloyds Banking Group, said: "The Board is pleased that António is making good progress and we are looking forward to his return at the end of the year.  However, we recognise it is important that we formalise the contingency arrangements if António's return is delayed.

"David Roberts has impressed his colleagues on the Board and the Group's senior management with his understanding and broad experience of the banking and financial services sector.  He has a strong track record in retail and commercial banking experience at the highest level."

The Group has also been informed by Nathan Bostock, presently Head of Restructuring and Risk at Royal Bank of Scotland Group plc ('RBS'), he will remain with RBS and won't be taking up the position with the Group as announced on 19 July 2011.  As a result, Truett Tate will continue in his role as Group Executive Director, Wholesale, as has been his responsibility for the last 7 years, as well as continuing his role as Vice Chairman, Client Coverage.

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Notes to Editors

1.  David Roberts, 49, joined the Lloyds Banking Group Board on 1 March 2010.  He was previously an Executive Director, member of the Group Executive Committee and Chief Executive, International Retail and Commercial Banking at Barclays until December 2006.  He joined Barclays in 1983 and held various senior management positions, including Chief Executive, Personal Financial Services and Chief Executive, Business Banking.

David was a non-executive Director of BAA until June 2006 and a non-executive Director of Absa Group Limited, one of South Africa's largest financial services groups, until October 2006. 

From 2007 to 2009 he was the Chairman and Chief Executive of BAWAG P.S.K. AG, the second largest retail bank in Austria.  He is the non-executive Chairman of The Mind Gym. 

For further information:

Investor Relations

Kate O'Neill                                                                            [phone]

Managing Director, Investor Relations

Email: kate.o'[e-mail]

Corporate Affairs

Matthew Young                                                                      [phone]

Director of Corporate Affairs

Email: [e-mail]

FORWARD LOOKING STATEMENTS

This announcement contains forward looking statements with respect to the business, strategy and plans of the Lloyds Banking Group, its current goals and expectations relating to its future financial condition and performance.  Statements that are not historical facts, including statements about the Group or the Group's management's beliefs and expectations, are forward looking statements.  By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future.  The Group's actual future business, strategy, plans and/or results may differ materially from those expressed or implied in these forward looking statements as a result of a variety of risks, uncertainties and other factors, including, without limitation, UK domestic and global economic and business conditions; the ability to derive cost savings and other benefits, as well as the ability to integrate successfully the acquisition of HBOS; the ability to access sufficient funding to meet the Group's liquidity needs; changes to the Group's credit ratings; risks concerning borrower or counterparty credit quality; instability in the global financial markets; changing demographic and market related trends; changes in customer preferences; changes to regulation, accounting standards or taxation, including changes to regulatory capital or liquidity requirements; the policies and actions of Governmental or regulatory authorities in the UK, the European Union, or jurisdictions outside the UK, including other European countries and the US; the ability to attract and retain senior management and other employees; requirements or limitations imposed on the Group as a result of HM Treasury's investment in the Group; the ability to complete satisfactorily the disposal of certain assets as part of the Group's EU State Aid obligations; the extent of any future impairment charges or write-downs caused by depressed asset valuations; exposure to regulatory scrutiny, legal proceedings or complaints, actions of competitors and other factors. Please refer to the latest Annual Report on Form 20-F filed with the US Securities and Exchange Commission for a discussion of such factors together with examples of forward looking statements.  The forward looking statements contained in this announcement are made as at the date of this announcement, and the Group undertakes no obligation to update any of its forward looking statements.

 

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