He will retire on August 31 after serving two three-year terms as a non-executive director.
Last year, a boardroom row erupted between Lomax and director Paul Myners over the appointment of a new chairman. Investors feared the row would divert the board's attention from the group's recovery plan.
Following Lomax's retirement, David Michels will become a senior independent director and Jeremy Darroch will replace Lomax as chair of the Audit Committee.
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