Lloyds Banking Group names Robin Budenberg CBE its next Chairman

Maria Nikolova

Robin Budenberg CBE will join the Group Board on October 1, 2020 and take over as Chair in early 2021 when Lord Blackwell steps down from the Board.

Lloyds Banking Group today announces that Robin Budenberg CBE has been selected as its next Chairman. He will join the Group Board on October 1, 2020 and take over as Chair in early 2021 when Lord Blackwell steps down from the Board.

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. In 2014, he became London Chairman of Centerview Partners, the US based independent advisory firm, and in 2016 he was appointed 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 he will step down from his current roles at Centerview Partners and on the boards of Big Society Trust and Charity Bank, but 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.

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

António 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 customers.

This planned leadership succession will allow a new Chief Executive to work with the new Chair in the next stage of the Group’s development and transformation.

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