Lloyds Banking Group chairman Sir Win Bischoff is stepping down after four years in the role.
Bischoff took up the role of chairman in September 2009 and was tasked with overseeing the restructuring of the bank in order to return it to profitability.
According to the Financial Times, Bischoff announced his decision ahead of this week’s annual shareholder meeting, saying he has accomplished the task of stabilising the bank, having formed a strong executive team.
He is expected to leave the company later this year.
Lloyds senior independent director Tony Watson has begun the search for Bischoff’s replacement.
Last week, Lloyds announced it is cutting an addition 850 jobs as part of its ongoing strategic review.
The latest wave of cuts follows a reduction of 940 jobs in January and 550 jobs in March. The losses are part of a plan announced by the bank in June 2011 to cut 15,000 jobs by 2014 in order to make cost savings of £1.5bn a year.