Lloyds chairman to retire by next May

(Source: Reuters)

Lloyds bank has announced that its chairman Sir Winfried Bischoff will retire by May 2014 at the latest.

Sir Win said:

Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank.

Whilst clearly some challenges remain, the performance of the Group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the Group and it is therefore a good time to start the search for my successor.