Bloomberg News

Lloyds Banking Says Deputy Chairman Glen Moreno to Step Down

February 27, 2012

Lloyds Banking Group Plc (LLOY), Britain’s biggest mortgage lender, said Glen Moreno will step down as deputy chairman in May.

He will be replaced by David Roberts, a former director at Barclays Plc, who joined the Lloyds board in 2010, the 41 percent government-owned bank said in a statement today. During Chief Executive Officer Antonio Horta-Osorio’s nine-week absence from work for exhaustion last year, Roberts was named interim CEO in case the Portuguese national’s leave continued.

Roberts was previously head of international retail and commercial banking at Barclays and was a member of the group executive committee before leaving in 2006. Roberts was a non- executive director of U.K. airport operator BAA Ltd. and a non- executive director of Absa Group Ltd., one of South Africa’s largest financial-services groups, until 2006. He was chairman and CEO of Austrian lender Bawag PSK Bank from 2007 to 2009.

Separately, Lloyds said last week that its new finance director, George Culmer, will join the lender on May 15.

Moreno has been chairman of Pearson Plc, the publisher of the Financial Times newspaper, since October 2005. He is a director of Fidelity International Ltd. and chairman of its audit committee. He is also deputy chairman of the Financial Reporting Council.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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