Lloyds Banking Group chief executive Eric Daniels has announced that he will retire in Autumn 2011.
The bank says it will form a committee led by chairman Sir Win Bischoff to find a replacement.
Daniels was chief executive of Lloyds TSB from 2003 and became chief executive of the newly formed bank after it bought HBOS in September 2008.
Daniels says: “It has been a tremendous honour and a privilege to lead our many talented and dedicated people over the last seven years. I am grateful to have been given the opportunity to create the new group and to set Lloyds well on its way to becoming the best bank for all our stakeholders including our customers, shareholders and employees.”
Bischoff adds: “The entire board and I are grateful to Eric for his leadership as chief executive, particularly since the announcement of the acquisition of HBOS. The successful integration of the two companies and the sooner than expected return to profitability of the enlarged Lloyds Banking Group are testament to his disciplined and vigorous leadership during a time of unprecedented financial turmoil.”