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.