Articles - Legal & General appoints CFO and make other senior changes

 Legal & General have announced that Mark Gregory will be appointed as Group Chief Financial Officer of the company with effect from 1st July.

 Gregory is currently CEO of the Savings business and has been a member of the Board since January 2009. He has led the transformation of the Savings business into a capital light and efficient asset accumulation business, growing operating profit from £7m in 2008 to £133m in 2012 and assets under administration(AUA) from £46bn in 2008 to over £100bn.

 John Stewart, chairman of Legal & General, comments I am delighted Mark has been appointed as Group cfo. Mark has now successfully delivered the first stage of the Savings transformation and the Board is looking forward to working with him. Mark’s appointment shows the breadth and depth of talent in Legal & General.”

 Nigel Wilson, Group chief executive, said “We continue to successfully drive our growth strategy through the five key areas of LGIM International Expansion, Retirement Solutions, Digital Solutions, Protection and Direct Investments. Mark has made a major contribution having led the successful turnaround of the Savings business, implementation of our strategy for the post-RDR marketplace, auto-enrolment and the acquisition of Cofunds. We have worked together very closely as part of the executive team over a number of years, I look forward to working with Mark in his new role as the executive team continues to deliver our growth strategy.”

 Mark Gregory added “I am excited about taking up the role of Group CFO. The Company is in a great position: with market leading products in attractive markets coupled with a strong balance sheet and growing and sustainable cashflows, resulting in strong dividend growth. I look forward to working with Nigel, Mark and John to leverage our financial strength to develop the business further.”

 There are several other important organisational changes which reflect the ongoing strategic evolution of Legal & General:

 -John Pollock will assume responsibility for the Savings business creating an integrated protection and savings business.
 -Mark Zinkula will assume responsibility for the unit trust business of Legal & General Investments, which will become part of Legal & General Investment Management(LGIM).-
 -The Annuities business will become a separate business division led by Kerrigan Procter.

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