António Horta-Osório, the long-time chief executive of Lloyds Banking Group , will step down next year in what will be his tenth year in the position, the U.K. bank said Monday. Horta-Osório said he plans to leave in June. No successor was named. The bank also said that Robin Budenberg will take over as chairman next year, replacing Norman Blackwell who had already announced he was retiring. Budenberg helped manage the U.K. government's investment in U.K. banks as chief executive, and then chairman, of UK Financial Investments.
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