As reported in the Financial Times, the chairman of the Lloyds Banking Group Win Bischoff is stepping down. The decision was confirmed by anonymous sources just prior to the bank's annual shareholder's meeting on Thursday.

Bischoff's term was characterized by major restructuring as well as entrenching a strong executive team. He also oversaw a return to profitability of the bank and stabilization of the bank's operations and finances.

The 72 year old Bischoff took on the role of CEO back in September 2009 had sought to retire earlier but was enjoined to continue on the position after CEO Antonio Horta-Osorio's health issues back in 2011.

According to one source and friend of Bischoff at Lloyd's, "Now everything is stable again, it's the right time to go."

With the retirement, Lloyds would be able to appoint a new chairman before the end of the year, ahead of the timetable for the government in starting to sell off its 39% share over the bank, according to the Financial Times.