REG - Legal & General Grp - Planned retirement of Sir Nigel Wilson

Legal & GeneralAnnouncement

30/01/2023 07:00

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RNS Number : 2266O  Legal & General Group Plc  30 January 2023

 

 

Legal & General Group Plc Board announces the planned retirement of Sir
Nigel Wilson

Legal & General Group Plc ("Legal & General" or "the Group") announces
that Sir Nigel Wilson has informed the Board that he has decided that he would
like to retire from executive life after over a decade as Chief Executive.

Sir Nigel Wilson joined Legal & General Group in 2009 as Chief Financial
Officer and was appointed Chief Executive in 2012.

Since Sir Nigel joined Legal & General, the Group has delivered a
consistently strong financial performance with a total shareholder return of
over 600% driven by significant growth in dividends, earnings per share and
ROE. During his time as Chief Executive, Sir Nigel has executed numerous
strategic initiatives to grow and re-focus the business, consistently
exceeding financial and operational targets while also ensuring Legal &
General has delivered Inclusive Capitalism with positive outcomes for
shareholders, customers and the broader economy.

The Board will now commence a rigorous process to appoint a successor,
considering both internal and external candidates. Sir Nigel has agreed to
continue as Chief Executive until the new Chief Executive starts and he will
support a smooth transition following their appointment. It is envisaged that
this process will take around a year.  In the meantime, Sir Nigel will
continue to focus on delivering the current strategy of the Group, supported
by the 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 Wilson 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. 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."

- ENDS -

Notes to Editors

At HY22 we delivered operating profit of £1,160m, and EPS of 19.28p, both up
8%. We have guided that we expect to deliver FY22 operating profit growth in
line with H1. At FY21, we delivered operating profit of £2,262m. We have also
said that we expect to deliver FY22 operational surplus generation of £1.8bn.

Biography

Sir Nigel Wilson was appointed Group Chief Executive of Legal & General in
2012 having joined as Group Chief Financial Officer in 2009.

Sir Nigel was knighted for services to the Financial Services Industry and
Regional Development in the 2022 New Year's Honours List.

Sir Nigel has won numerous awards including the 'Most Admired Leader' award at
Britain's Most Admired Companies Awards 2017 for Management Today.

Sir Nigel was Chair of the Investment Association's review of Executive Pay
(2016-2017) and the government's review of Mission Led Business (2016- 2017).
He was also a member of the government's Patient Capital Review Industry Panel
(2017-2018) and a Commissioner in the Resolution Foundation's
Intergenerational Commission (2017-2018). He has also chaired the Bank of
England's Climate Financial Risk Forum, Innovation Working Group. Sir Nigel
has served on the Business Councils of successive Prime Ministers and is
currently a member of the Government's Levelling Up Advisory Council and the
Life Sciences Industrial Strategy Implementation Board.

Qualifications include a PhD from the Massachusetts Institute of Technology
where he was a Kennedy Scholar and a recipient of the Alfred P Sloan research
scholarship. Sir Nigel also worked at the National Bureau of Economic Research
(NBER). Sir Nigel received a 1(st) Class Honours Degree and an MA in Economics
from the University of Essex.

Sir Nigel has won several national masters Athletics Championships. He has
five daughters, and three grandchildren.

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 £1.3 trillion in total
assets under management (as at H1 2022) of which a third is international.
L&G also provides 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. As at 27 January 2023,
Legal & General has a market capitalisation of £15.6 billion.

For further information, please contact:

Investors:

Ed Houghton                Group Strategy & Investor
Relations Director

 
 Edward.Houghton@group.landg.com, +44 203 124 2091

Media:

John Godfrey               Corporate Affairs Director

 
John.Godfrey@group.landg.com, +44 7393 757614

Graeme Wilson           Teneo

 
gwilson@tulchangroup.com, +44 207 353 4200

END

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