Legal & General names new CEO

Nigel Wilson appointed new group chief executive.

Tim Breedon will remain an employee of the company until 31 December.
Tim Breedon will remain an employee of the company until 31 December.

The British financial services company Legal & General Group has appointed Nigel Wilson as its new group chief executive, effective 30 June. Wilson, who joined the company in September 2009, will succeed Tim Breedon.

Prior to joining the company, Wilson was CFO of United Business Media (from 2001) and appointed deputy chief executive in 2008. He is currently senior non-executive director of Capita.

Wadham Downing, currently the company’s group financial controller, will act as interim group CFO until a permanent successor is appointed.

John Stewart, chairman of Legal & General, said:

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.

Breedon will step down from his position and as a member of the board on 30 June but will remain an employee of the company until 31 December, undertaking an advisory role on key activities.

Stewart added: “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.”

Wilson said:

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.