Holding the fort: City veteran Sir Win Bischoff is acting chief executive after Chuck Prince fell on his sword over huge writedowns
Lloyds Banking Group said on Monday its chairman Sir Win Bischoff, who has overseen a major restructuring of the business since it was rescued by the government in 2008, will retire next year.
The bank, which is 39 percent owned by British taxpayers, said Anthony Watson, its senior independent director, will lead the search for a new chairman.
Lloyds said Bischoff will retire no later than next year's annual shareholders' meeting in May 2014.
