Victor Blank, Chairman of Lloyds Banking Group, has notified the Board that he is planning to retire from the Chairmanship by the AGM in 2010.
In the light of this announcement, the Board has appointed The Lord Leitch, who becomes the Group’s senior non-executive director at the forthcoming AGM, as Deputy Chairman with immediate effect.
“I believe it is the right time for the Group to appoint a new chairman,” says Victor. “I will continue working until my successor is appointed to ensure the successful integration of the two banks. This remains – in the medium term – a unique value-enhancing opportunity”.
“The Board was unanimous in wanting Victor Blank to seek re-election as Chairman for another three years,” says Leitch. “We are very sad about Sir Victor’s personal decision to retire, although we respect and understand his reasons for it. Victor is a first-class Chairman and we are delighted that he will continue with us to ensure an orderly succession and the continued integration.”
“Victor has played a very important role as our Chairman during a period of significant change for our company and at a time when there has been unprecedented volatility in the markets,” SAYS Eric Daniels, group chief executive. “I look forward to continuing to work closely with Victor and to ensuring an orderly transition to an appropriate successor.”
D.C.