Legal & General chief executive Sir Nigel Wilson has announced his intention to retire after more than a decade leading the insurer, but he is likely to stay in post for a further year during the transition period.
Sir Nigel (pictured) joined Legal & General in 2009 as chief financial officer and was appointed chief executive in 2012.
He spoke to Health & Protection after receiving a knighthood for services to the financial industry last year.
L&G said it would commence a “rigorous” process to appoint a successor, considering internal and external candidates, adding Sir Nigel had agreed to continue as chief executive until his successor started and that he would support a smooth transition following their appointment.
The expects the process will take around a year and in the meantime, Sir Nigel will continue to focus on delivering the current strategy of the group, supported by its executive team.
Sir John Kingman said: “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.”
Sir Nigel added: “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. 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 benefitted hugely from the support of an outstanding board.
“I firmly believe we have laid strong foundations to support the next phase of growth for the group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this.
“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.”