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Lloyds chief Horta-Osorio steps back on health grounds

Lloyds Banking Group chief executive Antonio Horta-Osorio is to step back from his role on health grounds.

In a statement released this morning, Lloyds says Horta-Osorio is taking a temporary leave of duties due to illness. The group says he is expected to return to his position before the end of the year.

The FT reports that he has been ordered by doctors to take a break from the role due to stress.

Group finance director Tim Tookey is to assume the role of acting chief executive. Tookey is leaving the firm in February 2012 to take up the role of chief financial officer at Friends Life.

Horta-Osorio cleared a number of senior executives out of the firm following his arrival. His one major hire, Nathan Bostock from Royal Bank of Scotland – is yet to join the firm.

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. All the top bank Chief Executives in both Europe and the United States are refusing to take action on recapitalising their own balance sheets. This Chief Executive has refused to breakup Lloyds and instead has concentrated on administration savings by sacking thousands of staff in an attempt to save costs.

    The board now needs to review the structure of Lloyds and probably see that the sum of its parts is probably more valuable than the whole. This company needs to be run for the benefit of the shareholders and if a breakup is more beneficial to the shareholders then surely this breakup should start sooner rather than later. Scottish widows for example should be floated as a separate company on the stock exchange which would bring in many billions of pounds to Lloyds to recapitalise its balance sheet. This is just one example of what banks should be doing it will also create employment and provide the necessary competition in the marketplace as banks should never get too big to fail.

    The regulator should also forced these companies to break up as it would take away their reliance on government money and therefore us taxpayers will no longer have to subsidise these large corporations.

  2. ‘The FT reports that he has been ordered by doctors to take a break from the role due to stress.’

    He’s in the wrong job then. Who hired him? Sack ’em all.

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