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Lloyds Banking Chief Could Leave Within Five Months, FT Says

Sept. 21 (Bloomberg) -- Lloyds Banking Group Plc Chief Executive Officer Eric Daniels could step down within five months, the Financial Times reported, citing unidentified people involved with finding a successor to Daniels.

One of the people said a new chief may be in place by the time the bank releases its annual results in February, the FT said. Daniels will leave the company without a payoff, the newspaper said. He is contractually entitled to as much as 7.77 million shares, currently worth 6 million pounds ($9.3 million), the FT said.

To contact the reporter on this story: Ben Martin in London at bmartin38@bloomberg.net.

To contact the editor responsible for this story: Ben Livesey at blivesey@bloomberg.net.

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