Lloyds Banking Group deputy chairman and senior independent director Glen Moreno will not seek re-election at its annual general meeting on May 17 and will retire on that date.
The bank has decided to appoint Anthony Watson, who is the chairman of the remuneration committee, as its senior independent director and David Roberts, who is the chairman of the risk committee, as its deputy chairman. Both will take on their new roles on May 17.
Moreno joined the board on March 1, 2010 and has previously been a director at Fidelity International and deputy chairman of The Financial Reporting Council.
LBG Sir Winfried Bischoff says: “Glen has been an indefatigable champion of the shareholders of Lloyds Banking Group and a constructive and informed voice in our deliberations on the Board. His contribution has been highly valued over the last two years and my colleagues and I will greatly miss his counsel.”