Today, the Lloyds Banking Group announced that it would select Robin Budenberg CBE to stand as the Group’s next Chairman. It’s scheduled that he will join the Group Board on the 1st of October, 2020, and will take over as Chair in early 2021 when Lord Blackwell steps down from the position in the Board.
A Man Of Great Experience
Robin Budenberg has had a long career with S.G Warburg/UBS Investment Bank. He had worked closely alongside the Government as an adviser regarding the recapitalization of the UK banking industry in 2008. In 2009, Budenberg became the CEO, then the Chairman, of UK Financial Investments, or UKFI.
There, he stood responsible for managing the investments of the UK Government within the banks of the UK, including that of Lloyds. He became the London Chairman of a US-based independent advisory firm, Centerview Partners, in 2014. In 2016, however, Budenberg managed to become the Chairman of The Crown Estate, which itself holds a diverse portfolio worth £14 billion. The profits of this portfolio are then remitted to the UK Treasury, in a bid to benefit the finances of the public
Stepping Down To Get The Position
Before Budenberg can take on the role of the Lloyds Banking Group Chairman, he must first step down from a few of his current roles. He will step down from his roles within the Big Society Trust, Centerview partners, as well as Charity Bank.
However, he will be capable of retaining his position as Chairman of The Crown Estate with this appointment. Alan Dickinson stands as the Senior Independent Director of the Group, and it was his leadership in the extensive search process that led to Budenberg’s selection.
A Smooth Transition Planned
With the succession of the position of Chairman in place, the Board of Lloyds has also been informed by António Horta-Osório that he intends to step down as CEO in 2021. This was done after he had delivered three strategic plans, as well as completed a decade’s worth of service in the role, come next year.
António Horta-Osório had agreed to time stepping-down of his role as Group CEO in order to support a smooth transition of the company, with the target date itself scheduled at the end of June 2021.
From there, he will retire from Lloyds, but will stay wholly focused alongside the executive team of the Group in regards to the delivery of the current strategic plan’s remainder (GSR3). Furthermore, he will provide assistance in regards to the Group’s plans to combat the COVID-19 pandemic, both by supporting customers and to counteract its effects on the company.