Lloyds Banking Group chief executive Eric Daniels is to retire in autumn next year.
Daniels was appointed chief executive of Lloyds TSB in 2003 and became chief executive of the bank after it bought HBOS in 2008.
Lloyds chairman Sir Win Bischoff says: “The successful integration of the two companies and the sooner than expected return to profitability of the enlarged Lloyds Banking Group are testament to Daniels’ disciplined and vigorous leadership during a time of unprecedented financial turmoil.”
The bank says it will form a committee led by Bischoff to find a replacement.
Oriel Securities analyst Mike Trippitt says Lloyds Banking Group head of retail banking Helen Weir is the most likely internal candidate. He adds that the board may also look to the Australian and Canadian banking systems for candidates, both of which successfully weathered the banking crisis.
First Active Finance head of communications Jonathan Cornell says financial advisers are hoping for a replacement that sees the benefit of the UK intermediary channel.