Lloyds Banking Group chairman, Win Bischoff, is retiring early, according to reports by the Financial Times.
Bischoff, 72-years old, has been chairman since September, 2009, when he replaced Victor Blank, who was blamed for the troubled takeover of HBOS during the 2008 banking crisis. Bischoff is known to have built a "strong executive team" for Lloyds.
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He has also overseen major restructuring and a return to profitability at Lloyds.
Bischoff, reportedly, wanted an early retirement, but chief executive, Antonio Horta-Osorio’s, health scare in late 2011 forced him to put his plans on hold.
Financial Times said: "His retirement will allow Lloyds to bring in a new chairman before the year-end."
Bischoff’s retirement comes when speculations are rife about the government’s plans to try and float off the stakes in the bailed-out banks before the general election in 2015. Lloyds has been the target of such rumours. The speculation about privatisation of the 39% of Lloyds owned by the taxpayer is also affecting Royal Bank of Scotland (RBS), which is 81% taxpayer-owned.
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