Lloyds of London CEO Shake-Up

Jan. 14, 2012 – Well-regarded CEO Antonio Horta-Osario waived his 2011 bonus as he returned to his position at Lloyds Banking Group after taken an unexpected leave of absence

in November. He had announced he suffered from extreme fatigue. In his two month absence, the bank “had been in disarray,” Jessica Hodgson reported in the Wall Street Journal.

The bonus Horta-Osario passed on was worth €2.4 million ($3.7 million). Besides this bonus, depending on two separate performance targets, Horta-Osario may earn as much as €9.7 million, according to Hodgson’s reporting.

“Mr. Horta-Osario was awarded €4.46 million in Loyd;s shares, which are set to vewst in 2014. Separately he was given €4.1 million in shares to buy him out of his previous employer,” the Journal article continues.

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