Life insurer Legal & General Group Plc has announced the planned retirement of Sir Nigel Wilson after over a decade as Chief Executive.
The Group’s Board will now start the search to appoint Wilson’s successor; this process could take around a year, according to L&G.
Wilson will continue as Chief Executive until a new one is found, and will support a smooth transition following the new CEO appointment.
“Legal & General has been a big part of my life and my decision to retire from the Group has been taken with mixed emotions,” Wilson commented. “It has been an honour and privilege to serve as Chief Executive of Legal & General over the past decade and I am deeply proud of everything we have achieved.
“It has been a remarkable team effort by all my colleagues across the world. Without their unstinting efforts we would not have achieved the tremendous success we have. I have also benefited hugely from the support of an outstanding Board.”
Wilson joined Legal & General Group in 2009 as Chief Financial Officer and was appointed Chief Executive in 2012.
During his time as Chief Executive, Wilson executed numerous strategic initiatives to grow and re-focus the business, consistently exceeding financial and operational targets while also ensuring Legal & General has delivered Inclusive Capitalism with positive outcomes for shareholders, customers and the broader economy.
Sir John Kingman, Group Chair, commented: “The Board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost fourteen years. He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.
“Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the Group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.
“Under his stewardship, the Group has consistently delivered profitable, sustainable and inclusive growth. Nigel has been a tireless champion for investment-led growth and responsible investment.
“Nigel’s decision to announce his planned retirement from Legal & General now allows for an orderly process to appoint a new Chief Executive who can continue delivering on the Group’s immense potential.”