May 13 Win Bischoff is stepping down as chairman
of British state-backed Lloyds Banking Group, the
Financial Times reported on Sunday, citing sources familiar with
the plan, set to be announced ahead of Thursday's annual
With a strong executive team in place, Bischoff, who has
overseen major restructuring and a return to profitability at
Lloyds, is said to feel he has accomplished the task of
stabilising Lloyds, having brought in a strong executive team,
the FT said.
Bischoff, 72-years old and who took the role in September
2009, wanted an earlier retirement, but Chief Executive Antonio
Horta-Osorio's health scare in late 2011 forced him to put his
plans on hold, his colleagues told the FT.
"Now everything is stable again, it's the right time to go,"
said one friend, according to the FT.
His retirement will allow Lloyds to bring in a new chairman
before the year-end, well ahead of the potential timetable for
the government to begin the process of selling its 39 per cent
stake, the FT said.
Industry and political sources have told Reuters the
government is keen to start selling off shares in the bank,
ahead of the 2015 general election.
Lloyds declined to comment on the matter.