Lloyds Chief Said to Be Awarded $3.6 Million Bonus on SharesHoward Mustoe
Lloyds Banking Group Plc Chief Executive Officer Antonio Horta-Osorio will receive a bonus valued at about 2.25 million pounds ($3.6 million) after meeting his target for increasing the bank’s share price today, according to a person with knowledge of the matter.
Horta-Osorio will get the award for 2012 because the price has exceeded the average paid by the U.K. government of 73.6 pence for 30 consecutive trading days, said the person, who asked not to be identified because the matter is private. The award will be deferred until 2018.
Lloyds fell 0.08 percent to 75.02 pence in London today. At that price, Horta-Osorio’s 3 million-share award is valued at about 2.25 million pounds. The stock has gained 57 percent this year.
Horta-Osorio, 49, has been seeking to strengthen the lender’s balance sheet by selling assets, cutting costs and eliminating jobs after the bank received a 20 billion-pound bailout amid the 2008 financial crisis. The government sold about 3.2 billion pounds of shares in September to reduce its stake to 33 percent.
“Antonio’s bonus, which he won’t receive until 2018, reflects the significant turnaround at Lloyds under his leadership, something that has enabled taxpayers to start getting back their money at a profit,” the bank said in an e-mailed statement.
-- Editors: Jon Menon, Keith Campbell