Lloyds' Banking Group CEO Planning to Return

According to Stocks & Shares TV, the board of Lloyds Banking Group will be making a decision soon as to approving the return of CEO; António Horta-Osório, who has been on medical leave since November, due to extreme fatigue.  UK Financial Investments has already indicated it is in favor of Horta-Osório’s return. UK Financial Investments manages the public’s 41% stake in Lloyd’s. Mr. Horta-Osório is said to be speaking with board members on an individual basis in order convey his desire to return to work prior to the next scheduled board meeting.

CEO Profile

Mr. Horta-Osório’s tenure had been relatively short prior to his leave of absence. He came to Lloyd’s as Executive Director on January 17th, 2011, and became Group Chief Executive on March 1st. He previously worked Citibank Portugal, and Goldman Sachs, and has been CEO of Banco Santander de Negocios Portugal, Banco Santander Brazil, and Santander Totta, and Santander UK. He has also been a Non-Executive Director of the Court of the Bank of England an assistant professor at Universidade Catolica Portuguesa.

Company Plans

The Telegraph reported that the board will require Horta-Osório to undergo a medical examination to ensure that he is healthy enough to return to his rigorous schedule.  A decision on his return is expected at the next week’s board meeting. Tim Tookey, the Interim CEO had previously announced plans to vacate his position at Lloyd’s in February.  In the event that the board does not deem Mr. Horta-Osório healthy enought to return to work, David Roberts, formerly of Barclay’s will take over as acting chief executive.

Company Spotlight

Lloyds Banking Group is a financial service provider within the UK. Lloyds TSB announced the acquistion of HBOS in late 2008 to form Lloyds Banking Group in early 2009. They are multiple branches of Lloyds TSB, Halifax and the Bank of Scotland across the UK.

Lloyds Banking Group shares were down 2.29% at 24.42 at the close trading today.

References
↑ Company history
↑ Stocks & Shares website
↑ Lloyds chief Horta-Osório takes time off with fatigue
↑ Official company website
↑ The Telegraph
↑ Company overview
↑ Announcement of takeover

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