António Horta-Osório, group CEO and director of the Lloyds Banking Group, will step down in April after being proposed for election as the chairman of the board of Credit Suisse.

He has been group CEO of the banking giant for the past decade and will continue to fulfil all his current responsibilities until 30 April 2021.

Charlie Nunn will join Lloyds Banking Group as the new group CEO in 2021.

According to the bank, his remuneration package will be 20% lower than that of his predecessor. Mr Nunn will receive a basic salary of £1.125m per annum plus a fixed share award of £1.05m per annum. He will also receive a flexible benefit funding of 4% of basic salary and pension funding of 15% of salary. He will also be eligible for a group performance share award of 140% of basic salary.

In the interim period, group CFO William Chalmers will take on the role of acting Group CEO, subject to regulatory approval.

Lord Blackwell, chairman at Lloyds Banking Group, said: “On behalf of the board I would like to congratulate António on this new role as he moves on after 10 years as group chief executive officer of Lloyds Banking Group. During his tenure he has transformed the group’s fortunes and established a solid operational and strategic base from which it can continue to build a successful future. He will leave next year with the board’s gratitude for all he has achieved, and for his assistance and support in our planning for the leadership succession.” 

Lloyds Banking Group includes Bank of Scotland, Halifax, IWEB, Lloyds Bank, MBNA and part of Schroders Personal Wealth.