Lloyds Banking Group (NYSE:LYG) CEO António Horta-Osório will step down in June 2021 after a decade at the helm of the U.K. lender.

The bank also announced that Robin Budenberg will take over as chairman next year, replacing Norman Blackwell who had already announced he was retiring.

Budenberg previously helped run the British government's investment in banks as CEO, and then chairman, of U.K. Financial Investments.