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Lloyds Banking Group says CEO will step down early after getting Credit Suisse job

Lloyds' chief financial officer William Chalmers will step in as interim CEO, which could be for almost seven months if new boss Charlie Nunn’s current employers, HSBC hold him to his contract

Lloyds Banking Group -

Lloyds Banking Group PLC (LON:LLOY) said its boss António Horta-Osório will step down earlier than planned after he was appointed chairman of Credit Suisse.

After a decade as the British lender’s chief executive, the Spaniard was due to depart at the end of next June.

But as the Swiss bank has requested that he start on May 1, 2021, the Lloyds board has agreed that he will be able to step down on April 30.

He will continue to fulfil all his current responsibilities until that date, the bank said.

Lloyds will be hoping that the HSBC board shows the same benevolence over the departure date of their current wealth and personal banking boss, Charlie Nunn, as Lloyds yesterday appointed him as Horta-Osório’s replacement.

Nunn’s contract has a six-month notice period and there is also a non-compete clause of another six months on top of that.

To fill the gap, Lloyds said chief financial officer William Chalmers will step in as interim CEO, which could be for almost seven months if Nunn’s current employers hold him to his contract.

Quick facts: Lloyds Banking Group PLC

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