He plans to leave his post by the end of June to allow for a “smooth transition” before he retires from Lloyds.
In the meantime, Horta-Osório will assist the executive team in delivering the remainder of its GSR3 strategy, a £3bn investment into the development of the bank’s digital operations. He will also put plans in place to address the effects of the pandemic and provide support for customers.
Robin Budenberg has been appointed chairman of Lloyds Banking Group, replacing Lord Blackwell who announced his retirement last year.
Budenberg will join the board on 1 October and take over as chair in early 2021.
His previous experience includes a 25-year stint as senior investment banker at UBS Investment Bank. Budenberg also worked with the government in 2008 to advise on the recapitalisation of the UK banking sector.
Before he assumes the role of chair of Lloyds Banking Group, Budenberg will step down from his current roles at Centerview Partners and from the boards of Big Society Trust and Charity Bank, but will continue as chairman of The Crown Estate.
Lord Blackwell said: “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.”
Horta-Osório (pictured) added: “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.”