Lloyds Banking Group (LYG, LLOY.L) announces that Winfried Bischoff, its Chairman since September 2009, will be retiring no later than the shareholders meeting in May 2014.
Lloyds noted that the exact date will be subject to the appointment of his successor and that Anthony Watson, Senior Independent Director, will lead the search for the Chairman's successor.
Winfried Bischoff said, "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."
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