Yahoo Finance L&G boss to bow out after more than a decade in top job
Legal & General’s long-standing boss Sir Nigel Wilson has announced plans to retire after more than a decade at the helm of the insurer.
Sir Nigel has been chief executive since 2012, having joined L&G in 2009 as chief financial officer.
The group said it would kick off a “rigorous process” to find a successor to Sir Nigel.
He will continue as chief executive until his successor starts and will “support a smooth transition following their appointment”.
L&G said it expects the process will take around a year.
Shares in the group dropped as much as 3% on Monday morning trading after the announcement.
Sir Nigel said: “Legal & General has been a big part of my life and my decision to retire from the group has been taken with mixed emotions.
“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.”
“I remain fully committed to delivering the current strategy of the group, in partnership with the executive team, and supporting the transition to a new chief executive,” he added.
L&G chairman Sir John Kingman paid tribute to Sir Nigel’s “outstanding contribution” to the firm.
He said: “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.”
L&G is one of the UK’s biggest institutional investors, with assets under management of more than £1.3 trillion.
Set up in 1836, it is valued on the stock market at around £15.6 billion.
During his time at the group, the outgoing boss has helped to drive a total returns for shareholders of more than 600%, and presided over a raft of strategic initiatives to grow and refocus the business, according to L&G.
He was knighted in the 2022 New Years’ Honours for services to the Financial Services Industry and Regional Development.
He has also won several national masters Athletics Championships.
He has five daughters, and three grandchildren.
