Lloyds Banking Group has announced that António Horta-Osório will return as the group’s chief executive in 2012.
Horta-Osório announced a temporary leave of duties due to illness in early November.
The board confirms that, based on independent medical advice, Horta-Osório has been ruled to have made a full recovery and will return as chief executive on January 9, 2012.
A statement released by the group indicates that Horta-Osório’s return will see some changes to the chief executive’s responsibilities.
“As part of the process the board has agreed to an initiative from António to restructure and reduce his direct reporting lines in order to strengthen the accountabilities of his senior management team,” it explains.
Win Bischoff, the chairman of Lloyds Banking Group, says: “The board and I are pleased that António has made a full recovery.
“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.”
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