Lloyds Banking Group CEO to take medical leave

AP News
Posted: Nov 02, 2011 10:11 AM
Lloyds Banking Group CEO to take medical leave

Part-nationalized Lloyds Banking Group PLC says that its chief executive is taking a temporary leave of absence due to illness after less than eight months on the job.

The bank, in which taxpayers have a 40 percent stake, announced Wednesday that Antonio Horta-Osorio is expected to be back at work by the end of the year.

Chief Financial Officer Tim Tookey will also take on the role of interim chief executive, the bank said. Tookey announced in September that he was resigning from the group, effective at the end of February, to take a new job with an insurer.

The bank gave no details of the nature of Horta-Osorio's illness. The Press Association news agency and the Financial Times quoted unidentified sources as saying Horta-Osorio was suffering from stress.

The 47-year-old Horta-Osorio, a former executive at Spanish bank Santander, stepped into the top job at Lloyds in March.

Lloyds share price was down 6 percent at 28.7 pence in afternoon trading in London.