Lloyds Banking Group PLC on Wednesday said Chief Executive Antonio Horta-Osorio will return to work Jan. 9 but with more power being given to his management team.
The 41%-government-owned bank had been in some disarray following Mr. Horta-Osorio's sudden departure in November due to sickness. The bank had always said it expected Mr. Horta-Osorio to return to his post in the New Year, but the continuing uncertainty over the company's future management had helped send shares to record lows.
Shares were flat on the announcement. At 1340 GMT, they were at 24.65 pence, giving the company a market value of £17 billion.
"We are looking forward to his return after the New Year to continue to lead the group and build on the strong progress he has already made in transforming the business and delivering the strategic plan," said Win Bischoff, chairman of Lloyds.
Known in the business as a macro-manager Mr. Horta-Osorio launched an ambitious overhaul of the bank when he took up his post in March this year. He expedited the sale of the bank's 632-branch network as part of a wide-ranging asset disposal program and instituted a broad costs-savings strategy.
At his suggestion more power will be given to his management team top ease his own work responsibility, Lloyds said.
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