Shares in Lloyds Banking Group have dropped by 5% after the company announced CEO Antonio Horta-Osorio was taking a temporary leave of absence.
Lloyds shares were down 5.1% to 29p in mid-morning trading, the largest faller in the FTSE 100, following the bank's announcement.
Horta-Osorio, the former Santander UK CEO who joined Lloyds earlier this year, was taking the break due to illness but is expected to return before the end of 2011, the company said.
Chief financial officer Tim Tookey has been appointed interim group CEO in Horta-Osorio's absence; Tookey himself is standing down from his CFO position in February 2012 to join Friends Life.
Lloyds will report interim results for the quarter to 30 September next week.
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