CORRECTED-UPDATE 1-Lloyds Chairman Bischoff to retire in the next year

Mon May 13, 2013 2:57am EDT

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(In second paragraph corrects to "chairman" from "chief executive")

* Bischoff will step down by May 2014

* Anthony Watson to lead search for replacement

May 13 (Reuters) - Lloyds Banking Group said on Monday its chairman Win Bischoff, who has overseen a major restructuring of the business since it was rescued by the government in 2008, will retire in the next year.

The bank, which is 39 percent owned by British taxpayers, said Anthony Watson, its senior independent director, would lead the search for a new chairman.

Lloyds said Bischoff will retire no later than next year's annual shareholders' meeting in May 2014.

(Reporting by Matt Scuffham; Editing by Sinead Cruise)

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