May 13 (Reuters) - Win Bischoff is stepping down as chairmanof British state-backed Lloyds Banking Group, theFinancial Times reported on Sunday, citing sources familiar withthe plan, set to be announced ahead of Thursday's annualshareholder meeting.
With a strong executive team in place, Bischoff, who hasoverseen major restructuring and a return to profitability atLloyds, is said to feel he has accomplished the task ofstabilising Lloyds, having brought in a strong executive team,the FT said.
Bischoff, 72-years old and who took the role in September2009, wanted an earlier retirement, but Chief Executive AntonioHorta-Osorio's health scare in late 2011 forced him to put hisplans on hold, his colleagues told the FT.
"Now everything is stable again, it's the right time to go,"said one friend, according to the FT.
His retirement will allow Lloyds to bring in a new chairmanbefore the year-end, well ahead of the potential timetable forthe government to begin the process of selling its 39 per centstake, the FT said.
Industry and political sources have told Reuters thegovernment is keen to start selling off shares in the bank,ahead of the 2015 general election.
Lloyds declined to comment on the matter.
Lloyds (LLOY)
