Legal & General Group has appointed Scott Wheway to succeed Sir John Kingman as chairman.
Wheway (pictured) will join L&G’s board on 2 January 2026 as an independent non-executive director and chairman designate and will take over as chairman following the firm’s annual general meeting on 21 May 2026.
At that point, Sir John Kingman will step down as chairman and as a director of the board after nine years.
Health & Protection has asked Legal & General why Sir John Kingman is stepping down. L&G told Health & Protection that Sir John was appointed chairman in October 2016 and its UK Corporate Governance Code recommends that chairpersons of listed companies step down after nine years of board service to ensure continued independence and effective governance.
The provider first announced it would begin the search for Sir John’s successor in December 2024.
Leaving Scottish Widows
Wheway is the current chairman of Scottish Widows Group, a role he has held since the summer of 2022, and a non-executive director of parent company Lloyds Banking Group.
Before this, he was chairman of Axa UK. He has also been chairman of Centrica and Aviva Insurance, senior independent director at Santander UK, and a non-executive director at Aviva.
Prior to his non-executive career, Wheway was an executive in the retail sector for more than 25 years, in the UK and internationally.
During this time he held positions including CEO of Best Buy Europe, managing director of Boots the Chemist, and a number of senior executive positions at Tesco, including CEO, Japan.
Leading L&G through pandemic
Sir John Kingman steered L&G through the Covid-19 pandemic, the expansion of its position in international markets, led by growth in pension risk transfer and asset management, and the appointment of António Simões as group chief executive in 2023, the insurer said.
Henrietta Baldock, senior independent director, who led the succession process for the new chairman on behalf of the board said: “As well as being a great fit for L&G’s culture and values, Scott brings an impressive track record of commercial success in both executive and non-executive roles across a range of industries, including in markets that are central to our growth strategy.
“On behalf of the board, I would like to thank John for his outstanding leadership and dedicated service to L&G.
“His wise counsel and stewardship of the company over the last nine years have been invaluable and I look forward to continuing to benefit from his leadership over the coming months.”
Wheway said: “It is an honour to be appointed as chair designate of L&G, one the UK’s most eminent and consequential companies. I look forward to working with the L&G board, António and his wider leadership team, to accelerate the delivery of the hroup’s strategy and further enhance the value L&G generates for all of its stakeholders.”
Sir John Kingman added: “Scott is an outstanding choice to be the future chair of L&G. I look forward to working with him as a member of the board from January and assisting in his transition to chair over the months that follow.”
Hunt for successor
Scottish Widows revealed that a process will start to find Wheway’s successor, with Chris Moulder, the senior independent director of Scottish Widows Group, taking on the role of interim chairman of Scottish Widows Group subject to regulatory approval.
Sir Robin Budenberg, chairman of parent Lloyds Banking Group, said: “I and the board would like to thank Scott for the contribution he has made to LBG and for the leadership and commercial acumen he has brought to the board and in his role as chairman of Scottish Widows Group.
“He leaves with our thanks and best wishes for his new role. I am grateful to Chris for taking on the role of interim chairman of Scottish Widows Group.”