Lloyds reveals board shake-up ahead of new three-year plan

Lloyds Banking Group has revealed a major restructure of the company’s board, with chief executive Antonio Horta-Osorio announcing a new three-year strategic plan for the bank.

Several top executives will leave the banking group, including its head of commercial banking Andrew Bester, having led a commercial turnaround over the last five years.

Lloyds’ chief people, legal and strategy officer Simon Davies has also decided to leave the bank following the reshuffle, for personal reasons.

The newly-created role of chief operating officer will be filled by Juan Colombas, overseeing the bank’s progression into digital systems in several areas.

Current chief financial officer and executive director George Culmer has taken over from Davies in controlling the bank’s legal and strategy departments, as well as Lloyds Development Capital.

The UK government sold its remaining 43% stake in the commercial lender in May following its 2009 bailout and Lloyds will reveal the details of its new three-year strategic plan when it reports its full-year results next February.

Chief executive Horta Osorio said: "The changes we are announcing today are fundamental to prepare the group for the next phase of its transformation under our upcoming strategic plan for the period 2018 - 2020.

"They are a key step to ensuring the continued alignment of the bank's capabilities and strategy as a simple, low risk UK focused bank with our customers' evolving needs."

The FTSE 100-listed company traded 1.07% lower at 65.7p, as of 12:11 BST on Wednesday.