REG - Legal & General Grp - Appointment of António Simões as Group CEO

Legal & GeneralAnnouncement

15/06/2023 07:00

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RNS Number : 8267C  Legal & General Group Plc  15 June 2023

Legal & General Group Plc announces the APPOINTMENT of antÓnio simÕes AS
GROUP CHIEF EXECUTIVE OFFICER

Legal & General Group Plc ("Legal & General" or "the Group") is
pleased to announce that António Simões is to be appointed to the role of
Group Chief Executive Officer of Legal & General, subject to regulatory
approval.

António will join from Banco Santander where he has been Regional Head of
Europe since September 2020. In this role, he leads Santander's businesses in
the UK, Spain, Portugal and Poland, working across retail and commercial
banking, corporate and investment banking, wealth management and insurance.
Prior to joining Santander, António spent 13 years at HSBC, including as CEO
of UK and Europe, and latterly CEO of Global Private Banking, based in London
and Hong Kong. He is a former McKinsey & Company partner.

António's appointment follows a rigorous, global, selection process managed
by Sir John Kingman, Group Chair. He will succeed Sir Nigel Wilson as Group
CEO. Sir Nigel has been Group CEO of Legal & General since 2012, and in
January announced his intention to retire from executive life.

António will take up his post formally on 1 January 2024. Sir Nigel will
remain as Chief Executive in the meantime, continuing to focus on delivering
the strategy of the Group. Sir Nigel will work closely with António to ensure
a comprehensive handover and a smooth transition. António will join the Board
of Legal & General Group plc on appointment, at which point Sir Nigel will
step down from the Board.

There are no other disclosures required under Listing Rule 9.6.13R in relation
to António's appointment.

Sir John Kingman, Chair, said:

"The Board is delighted to appoint António as Group CEO Designate. António
brings a formidable leadership track record at the most senior level of
financial services, working across complex, global organisations. In an
excellent field, his energy, ambition and clarity of strategic thinking stood
out, alongside his strong belief in the positive role that business should
play in society.

I look forward to working with António to ensure that Legal & General
continues to deliver on its enormous potential for our shareholders,
employees, customers and the communities of which we are a part. I would also
like to reiterate my thanks to Nigel who I know will continue as ever to show
relentless commitment to Legal & General. We have a first-class executive
team, and the Board is delighted with the progress they continue to drive
against our strategy."

António Simões said:

"Legal & General is a great company with an iconic, highly respected
brand, strong financial track record and a deep-rooted commitment to social
purpose. I'm proud to be appointed as Group CEO to build on the success of
Nigel and the team.

This is a critical time for our industry, clients and customers, with emerging
technologies, changing societal dynamics and wider economic forces presenting
new challenges and opportunities that require all of us to adapt and evolve.

I look forward to working with the Board and an exceptional team of colleagues
to shape this important next chapter; delivering market leading solutions,
sustainable shareholder value, and an enduring positive impact on society."

- ENDS -

Notes to Editors

1. About António Simões

António joined Banco Santander in September 2020 as Regional Head of Europe,
responsible for 66,000 employees, 46 million customers and €3.8bn profit
after tax*, across the UK, Spain, Portugal and Poland.  He is currently a
member of the Group management committee and Santander Spain, Santander UK and
PagoNxt boards. From April 2021 to January 2023, he was also CEO of Santander
Spain. He has managerial responsibility and oversight of the retail and
commercial banking businesses in Europe, and is jointly responsible for
Corporate & Investment Banking and Wealth Management & Insurance in
partnership with the global business heads.

Before joining Santander, António spent 13 years at HSBC where he led a
number of businesses in London and Hong Kong. He was CEO for Global Private
Banking and previously CEO for the UK and continental Europe. Before joining
HSBC, he was a partner at McKinsey & Company in their London office and
also worked at Goldman Sachs serving financial institutions in Investment
Banking.

António studied in the Nova School of Business and Economics (Lisbon),
Bocconi University (Milan) and has a MBA from Columbia University (New York).
He has completed a World Economic Forum leadership programme at Harvard
(Cambridge) and is a trustee of The Prince's Trust International.

*at 31 Dec 2022

2. About Legal & General Group Plc

Established in 1836, Legal & General is one of the UK's leading financial
services groups and a major global investor, with over £1.2 trillion in total
assets under management** of which a third is international. We also provide
powerful asset origination capabilities. Together, these underpin our leading
retirement and protection solutions: we are a leading international player in
pension risk transfer, in UK and US life insurance, and in UK workplace
pensions and retirement income. Through inclusive capitalism, we aim to build
a better society by investing in long-term assets that benefit everyone.

**at 31 Dec 2022

3. Key compensation arrangements

António Simões's remuneration arrangements are set in accordance with the
Legal & General Directors' Remuneration Policy approved by shareholders at
the AGM on 18 May 2023. António will receive a basic salary of £1,175,000
per annum. António will not be eligible for a salary increase in 2024, and
his first salary review will take place in 2025. António will receive a fixed
cash allowance in place of the provision of a pension at a rate of 10% of
basic salary, in line with the majority of the UK workforce, and will be
eligible to receive relocation support for a limited period to assist with his
move to the UK. António's maximum Bonus and PSP opportunities will be 200%
and 300% of salary respectively.

On appointment, António will be granted awards to buyout remuneration
foregone when leaving his current employer. Further details of any awards will
be set out in the 2023 Directors' Remuneration Report.

Information about the retirement terms for Sir Nigel Wilson will be posted on
the Group's website in due course in accordance with the Companies Act
requirements.

For further information, please contact:

 Investors:

 Ed Houghton     Group Strategy & Investor Relations Director
                 Edward.Houghton@group.landg.com, +44 203 124 2091

 Media:
 Natalie Whitty  Group Corporate Affairs Director
                 Natalie.Whitty@group.landg.com, +44 7384 435692

 Graeme Wilson   Teneo
                 Graeme.wilson@teneo.com, +44 7720 414235

 

END

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