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Leadership Succession at Lloyds Banking Group

Leadership Succession at Lloyds Banking Group

Lloyds Group announced today that Robin Budenberg has been selected as chairman Lord Blackwell’s successor.

The firm revealed last year that Lord Blackwell is set to retire in early 2021. Budenberg will join the group board on October 1 this year and take over as chair at the beginning of next year.

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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.

Five years later, Budenberg was appointed London chairman of Centerview Partners, a US based independent advisory firm.

In 2016, he became 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, Budenberg will step down from his current roles at Centerview Partners and on the boards of Big Society Trust and Charity Bank.

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He 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, according to the announcement.

CEO António Horta-Osório to step down in June 2021

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

The firm said that 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 our customers during these difficult times.

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

“I am delighted to welcome Robin Budenberg to the board as my successor.  His knowledge of the Group combined with his broad experience in both financial services and other strategic advisory roles give him an outstanding background to provide the board leadership required to support the continued transformation of the Group”, Lord Blackwell said.

“Lloyds will play a vital role as Britain recovers from the current crisis.  It is a great honour and challenge to take on the role of chair at this time and I hope to continue Norman and António’s work, initially alongside António, in pursuing Lloyds’ core purpose of Helping Britain Prosper and in building the culture of the bank in order to support that purpose,” Budenberg commented.

“It is of course with mixed emotions that I announce my intention to step down as chief executive of Lloyds Banking Group by June next year. I am lucky to have had the support of a superb board and executive team on whom I will continue to rely as we complete our current strategic plan, transforming the Group into the bank of the future”, António Horta-Osório added.


Executives on the Move: Senior Hires at TigerWit, Capitolis and Maybank

Executives on the Move: Senior Hires at TigerWit, Capitolis and Maybank

These are the latest highlights of the industry’s senior professionals taking up new roles.

TigerWit Continues Hiring Spree Amid Covid-19, Targets Marketing

The online trading provider has hired a number of senior-level executives across its design, content, digital acquisition, and brand development functions.

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Read more on the TigerWit hiring spree here.

Interactive Brokers Appoints Nicole Yuen as Independent Director

Yuen’s appointment will be effective from the 1st of July 2020.

Read more on the Interactive Brokers Nicole Yuen appointment here.

Alan Hughes Becomes Equals’ Non-Executive Chairman

He joined the board of the company in February.

Read more on the Equals Alan Hughes appointment here.

BNP Paribas AM Appoints David Choa as Head of Greater China Equities

He will take on his new Hong Kong-based role on the 1st of July.

Read more on the BNP Paribas David Choa appointment here.

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Capitolis Appoints Rahul Auradkar as Chief Product Officer

He will lead Capitolis’ product development efforts and is the latest addition to the firm’s growing executive management team.

Read more on the Capitolis Rahul Auradkar appointment here.

Changes to Executive Boards of Eurex and Eurex Clearing

Michael Peters becomes new chief executive officer of Eurex.

Read more on the Eurex and Eurex Clearing executive board changes here.

Cowen Adds Michael Fitzgerald as Senior Talent in Prime Brokerage

He had served at Cantor Fitzgerald for nearly 16 months, heading up its equity prime services organisation business.

Read more on the Cowen Michael Fitzgerald appointment here.

Itiviti Names Mireille Adebiyi as Head of Marketing and Communications

She will report to the firm’s  chief executive officer Rob MacKay.

Read more on the Itiviti Mireille Adebiyi appointment here.

Maybank Hires Ben Robson as Head of Leverage FX

He will be leading the London operation of the investment bank.

read more on the Maybank Ben Robson appointment here.