Lloyds Banking Group CEO Antonio Horta-Osorio to return to work

LONDON – Part-nationalized Lloyds Banking Group PLC says that its chief executive will return to work in the new year after taking a few months temporary leave of absence due to illness.

The bank, in which taxpayers have a 40 per cent stake, said Wednesday that Antonio Horta-Osorio is expected to be back at work on Jan. 9, 2012. The bank said in early November that he had taken medical leave, eight months after he began the job.

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Chief Financial Officer Tim Tookey has acted as interim chief executive in 47-year-old Horta-Osorio’s absence. The bank said its board has agreed with Horta-Osorio’s to restructure and reduce his workload when he returns.

Lloyds share price was down 1 per cent at 24.46 pence ($0.38)in early afternoon trading in London.