# Lloyds Banking Group appoints Robin Budenberg CBE as Chairman

- Link: https://www.directorstalkinterviews.com/lloyds-banking-group-appoints-robin-budenberg-cbe-as-chairman/412839509
- Published: 2020-07-06T07:16:50+01:00
- Author: Amilia Stone

Following the announcement last year that Lord Blackwell intended to retire as Chairman
of **Lloyds Banking Group plc** ([LON:LLOY](https://www.directorstalkinterviews.com/ftse-company/lloyds-banking-group-plc/lloy.l))
over the coming year, the Group has announced that Robin Budenberg CBE has been 
selected as his successor.  Robin will join the Group Board on October 1st 2020 
and take over as Chair in early 2021 when Lord Blackwell steps down from the Board.

During a long career with S.G. Warburg/UBS Investment Bank, Robin Budenberg worked
closely with the Government in 2008 as an advisor on the recapitalisation of the
UK banking industry.  In 2009 he became Chief Executive, then Chairman, of UK Financial
Investments (UKFI) with responsibility for managing the UK Government’s investment
in UK banks, including Lloyds. In 2014, Robin became London Chairman of Centerview
Partners, the US based independent advisory firm, and in 2016 he was appointed Chairman
of The Crown Estate, which has a diverse £14 billion portfolio with its profits 
remitted to the Treasury for the benefit of the public finances. Before he assumes
the role of Chair of Lloyds Banking Group he will step down from his current roles
at Centerview Partners and on the boards of Big Society Trust and Charity Bank, 
but will continue as Chairman of The Crown Estate.  His selection followed an extensive
search process led by the Group’s Senior Independent Director, Alan Dickinson.

With the Chair succession now in place, António Horta-Osório has also informed the
Board of his intention to step down as Chief Executive in 2021 after having delivered
three strategic plans and completed 10 years in the role next year.

António has agreed to time his stepping down as Group CEO to support a smooth transition,
with a target date at the end of June next year, at which point he will retire from
Lloyds. Until then he will continue to be completely focused with the executive 
team on delivering the remainder of the current strategic plan (GSR3), as well as
the plans put in place to address the Covid 19 pandemic effects and support our 
customers during these difficult times.

This planned leadership succession will allow a new Chief Executive to work with
the new Chair in the next stage of the Group’s development and transformation.

> Lord Blackwell comments:
> “I am delighted to welcome Robin Budenberg to the Board as my successor.  His 
> knowledge of the Group combined with his broad experience in both financial services
> and other strategic advisory roles give him an outstanding background to provide
> the Board leadership required to support the continued transformation of the Group.
> I would also like to take this opportunity to pay tribute to the outstanding contribution
> that António Horta-Osório has made to first turning round and then leading the
> strategic development of the Group over the last decade.  His personal commitment
> and strong vision have driven a period of massive and successful change in the
> Group, restoring Lloyds to its preeminent position in Helping Britain Prosper 
> as the UK’s leading retail and commercial bank. During his tenure, he has overseen
> a comprehensive transformation of the Group’s balance sheet, operations, and customer
> propositions, including the repayment of the UK Government’s £21bn investment 
> and evolution of the Group into the UK’s largest digital bank.
> His decision to announce now his planned retirement allows for an orderly succession
> process to appoint a new Chief Executive next year to work with the new Chair.”

> **Robin Budenberg comments:**
> “Lloyds will play a vital role as Britain recovers from the current crisis.  It
> is a great honour and challenge to take on the role of Chair at this time and 
> I hope to continue Norman and António’s work, initially alongside António, in 
> pursuing Lloyds’ core purpose of Helping Britain Prosper and in building the culture
> of the bank in order to support that purpose.”

> **António Horta-Osório comments:**
> “It is of course with mixed emotions that I announce my intention to step down
> as Chief Executive of Lloyds Banking Group by June next year. I am lucky to have
> had the support of a superb Board and executive team on whom I will continue to
> rely as we complete our current strategic plan, transforming the Group into the
> bank of the future.
> Everyone at Lloyds has unified around our purpose of Helping Britain Prosper and
> our customers and communities are seeing our commitment to that now, more than
> ever.
> I have been honoured to play my part in the transformation of large parts of our
> business. I know that when I leave the group next year, it has the strategic, 
> operational and management strength to build further on its leading market position”.

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