Lloyd is the owner of Waterman's Cable Company. Cleveland first started working for him in the episode "Birth of a Salesman", but he was on the brink of being fired soon after he got his job. Luckily, Clevleland figured out that Lloyd was a homosexual, while he was being fired and realized that Lloyd had a crush on Terry Kimple. Having known Terry for a long amount of time, Cleveland started telling erotic stories about him. Lloyd was interested in this and decided that he wouldn't fire Cleveland if he continued to tell him stories about that, giving Cleveland the job he has today.
In the episode "Field of Streams", it was revealed that Lloyd was a very rich and wealthy man, being able to hand out checks for millions of dollars.
In the episode "A Cleveland Brown Christmas", is was revealed that Lloyd was married to a woman named Lydia Waterman, meaning that Lloyd had been closeted for a long time and is currently in an unsatisfying marriage. Lloyd and Lydia did not get along and it was clear that the two of them were not meant for eah other. Conflicts included Lydia buying a pet dog named Rock Hudson, who completely drove him insane. The two of them were in this horrible marriage until Lydia's death in the episode "Who Done Did It?" After this, Lloyd was free to be himself and starting dating men freely.