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Lloyds announces Horta-Osorio contingency plan

Lloyds Banking Group has announced David Roberts will assume the role of interim chief executive if the return of group chief executive Antonio Horta-Osorio takes longer than expected.

On November 2, the bank announced Horta-Osorio would be taking a short leave of absence on medical advice but said he was set to return before the end of the year. Group finance director Tim Tookey is currently acting chief executive but is leaving in February to assume the role of chief financial officer at Friends Life.

Roberts joined the board as a non-executive director in March 2010 and is chairman of the risk committee. Previously he held board positions within Barclays.

The group has also announced RBS head of restructuring and risk Nathan Bostock will not be joining the group, as announced in July this year, and will stay in his current role at RBS.

LBG chairman Sir Win Bischoff says: “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.”

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