Lloyds annouces Horta-Osório's replacement

Lloyds Banking Group has announced the interim replacement for group chief executive António Horta-Osório.

David Roberts, a non-executive director since 2010 and chairman of Lloyds' risk committee, will take up the position of interim group chief executive, should Horta-Osório's (pictured) recovery from illness be delayed.

Sir Win Bischoff, chairman of Lloyds Banking group, said António is making good progress and is on track to return at the end of the year.

"However, we recognise it is important that we formalise the contingency arrangements if António's return is delayed.

"David Roberts has impressed his colleagues on the board and the Group's senior management with his understanding and broad experience of the banking and financial services sector."

Lloyds also announced Nathan Bostock, head of restructuring and risk at Royal Bank of Scotland, will not be joining the group as wholesale executive director as planned.

Truett Tate, who has held the position for the last for the last 7 years, will continue in his role, as well as a vice chairman of client coverage.

Lloyds shares on the London Stock Exchange fell this morning, down just over 3% at the beginning of trading.