Lloyds Banking Group has appointed Sir Win Bischoff as chairman, following the decision earlier in the year by Sir Victor Blank to retire from the group. The FSA has approved this appointment.
Mr. Bischoff will take up the position of chairman of Lloyds Banking Group from 15 September 2009. He will receive an annual fee of £700,000. However, he will not be eligible to participate in any of the group’s incentive arrangements, including the long term incentive plan.
Mr. Victor said: “Sir Win has a wealth of senior banking experience which will be very valuable to the Group in the future as the two banks are integrated to create the success the board envisages.”
Mr. Bischoff said: “Short-term we face many challenges but, in the longer term, the Group is well positioned to deliver significant benefits to its customers, shareholders, employees and the public.”
