Lloyds Banking Group CEO to take medical leave

[November 02, 2011]  LONDON (AP) -- Part-nationalized Lloyds Banking Group PLC says that its chief executive is taking a temporary leave of absence due to illness after less than eight months on the job.

The bank announced Wednesday that Antonio Horta-Osorio is expected to be back at work by the end of the year.

Chief Financial Officer Tim Tookey will also take on the role of interim chief executive, the bank said.

The bank gave no details of the nature of Horta-Osorio's illness. The Press Association news agency and the Financial Times quoted unidentified sources as saying Horta-Osorio was suffering from stress.

The 47-year-old Horta-Osorio, a former executive at Spanish bank Santander, stepped into the top job at Lloyds in March.

Lloyds share price was down 4.5 percent at 29 pence in midmorning trading in London.

[Associated Press]

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