Eric Daniels, group chief executive of Lloyds Banking Group, has announced his retirement, giving the organisation one year to find a successor.
The board will form a committee headed by Sir Win Bischoff to hire a replacement, whilst Daniels will stay on until his position is filled. Daniels' position as chief executive was controversial. He oversaw the recue buyout of HBOS at the height of the credit crisis, which left Lloyds dependent on a government bailout of £20bn. At the announcement of his resignation in a year's time, Lloyds shares rose by 1.2%. "It has been a tremendous honour and a privilege to lead our many talented and dedicated people over the last seven years," says Daniels. "I am grateful to have been given t...
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