LONDON (AP) — Lloyds Banking Group PLC has named Norman Blackwell to the role of chairman, succeeding Winfried Bischoff when he retires next year.

The bank said in a statement Monday that Blackwell, who has been a non-executive director, will succeed Bischoff as chairman beginning in April.

He is currently chairman of Lloyd's Scottish Widows Group and has experience in insurance, banking and public policy.

Blackwell was also partner in the management consultancy McKinsey & Company.

The part-nationalized lender has said its recovery was ahead of schedule and is profitable — a fact that has enabled the government to begin the process of selling its stake back to private investors.