Lloyds Banking Group (LBG) will have their CEO back next year, after Antonio Horta-Osorio announced he was fit to return to work.
Mr Horta-Osorio temporarily stood down in September because he was suffering from ‘fatigue’. Lloyds CFO Tim Tookey took up the interim role of chief executive but he is due to leave the company after Mr Horta-Osorio’s return next year.
“Following due consideration the board has decided [Mr Horta-Osorio] will return to the bank as group chief executive on 9 January 2012,” the bank said in a statement.
The LBG board has completed a rigorous process, including obtaining independent medical advice, to assess Antonio’s ability to return and effectively lead the group.
“The independent medical advice has concluded that he has made a full recovery,” they said.
LBG, which is 40.2 per cent state-owned after a huge bailout at the height of the global financial crisis, has slashed more than 40,000 posts since 2009 as it looks to nurse its way back to health after its part-nationalisation.
The lender, which was sunk by the ill-fated 2008 takeover of rival bank HBOS, is also seeking to cut its international presence to just 15 countries by 2014.
