LYG CEO To Retire In One Year

Lloyds TSB Group Plc LYG said on Monday that its CEO Eric Daniels plans to retire within a year. The company intends to consider both internal and external candidates as the next CEO. LYG added that Daniels would continue as CEO until his successor has been identified. LYG Chairman Win Bischoff said, "The entire Board and I are grateful to Eric for his leadership as chief executive since June 2003, particularly since the announcement of the acquisition of HBOS in September 2008." He added, "The successful integration of the two companies and the sooner-than-expected return to profitability of the enlarged Lloyds Banking Group are testament to his disciplined and vigorous leadership during a time of unprecedented financial turmoil.” LYG shares gained 1.71% to $4.76 at 10:13 am. Read more from Benzinga's Company news.