Legal & General Group Plc is pleased to announce that Dr. Nigel Wilson will be appointed as Group Chief Executive as successor to Tim Breedon. Nigel joined Legal & General as Group Chief Financial Officer and a member of the Board in September 2009. His appointment follows a thorough and exhaustive process conducted by the Board under the Chairman’s leadership and with the assistance of a leading executive search firm. With immediate effect, Nigel will be Group Chief Executive Designate and will formally succeed Tim with effect from 30 June 2012.
Tim will step down as Group Chief Executive and a member of the Board from 30 June but will remain an employee of the Company until 31 December 2012 undertaking an important advisory role on key activities including working on and lobbying for an appropriate outcome on Solvency II.
The Board has commenced the process to identify a permanent successor Group Chief Financial Officer and announces that Wadham Downing will act as interim Group Chief Financial Officer until a permanent successor is appointed. Wadham is the Company’s Group Financial Controller and joined Legal & General in November 2009.
John Stewart, Chairman of Legal & General, commented:
“Tim has made an outstanding contribution to Legal & General, during his long service to the Group. The Board is particularly grateful to him for his excellent stewardship during his tenure as Group Chief Executive.
“I am delighted that Nigel will be Tim's successor. Nigel will bring an evolutionary approach to the execution of the next stage of the Group’s strategy and provide continued focus on delivering for our customers, business partners and shareholders.
“I am also delighted that Tim will be working with us until the end of the year continuing to play an important role for the Company and the industry in ensuring an appropriate outcome in the UK on Solvency II.”
Tim Breedon, Group Chief Executive, said:
“It has been a great privilege to lead Legal & General for the last six and a half years. After 25 years service and with the Company in excellent shape, I am pleased to hand over to Nigel a strong platform on which to take Legal & General forward. I am delighted the Board has appointed Nigel as my successor and I know that Legal & General will continue to thrive under his leadership. We have worked together closely as CEO and CFO over the last few years and I look forward to working with him as he transitions into his new role.”
Nigel Wilson, Group Chief Financial Officer, commented:
“I am honoured by the Board's confidence in me and excited by the challenges ahead as I take up the reins from Tim. Tim's stewardship has left the Group in a great position to take advantage of the opportunities ahead of us. It has been a privilege to work alongside Tim for the last three years. Together, we will ensure a seamless transition to enable the Group to capitalise on its strong positions.”
|
