Lloyds Banking Group chief executive António Horta-Osório will step down next year after spending a decade at the helm.
Mr Horta-Osório said he had “mixed emotions” about the decision, which the bank said would see him leave the role by the end of June 2021.
As part of the shake-up, Lloyds also appointed industry veteran Robin Budenberg as new chairman.
Last year, Lord Blackwell said he would retire as Lloyds chairman during 2020.
Lloyds said in a statement that the 12-month timeframe for the appointment of a replacement chief executive would allow a smooth transition.
Until then Mr Horta-Osório would remain focused on delivering the bank’s current strategic plan, and steer the bank through some of the international effects of the coronavirus crisis, Lloyds said.
Mr Horta-Osório joined Lloyds in 2011, and has overseen three strategic plans as the bank emerged from the global financial crisis and the UK government unwound its bailout stake in the lender. Lloyds returned fully to private hands in 2017.
He said: “I have been honoured to play my part in the transformation of large parts of our business. I know that when I leave the group next year, it has the strategic, operational and management strength to build further on its leading market position”.
Separately, Lloyds said Mr Budenberg will join the board in October and take over as chairman in early 2021 when Lord Blackwell steps down.
As well as having a long career in investment banking, Mr Budenberg worked closely with the UK government in 2008 as an advisor on the recapitalisation of the UK banking industry.
In 2009 he became chief executive, then chairman, of UK Financial Investments, with responsibility for managing the UK government’s investment in UK banks, including Lloyds.