Yahoo Finance Legal & General boss steps down after more than a decade
Legal & General boss Sir Nigel Wilson is stepping down after more than a decade leading the financial services giant.
Sir Nigel, who joined L&G in 2009 and took over the top job in 2012, has told the company he wants to retire from executive life.
L&G said its board will now start a “rigorous process” to find his successor. Sir Nigel will stay in the role during a transition period, which is expected to last around a year.
Sir Nigel is one of the longest-serving chief executives in the FTSE 100 and among the best-known names in the City.
He was knighted for services to finance and regional development in the 2022 New Year’s Honours List, while in September he turned down the role of minister for investment in Liz Truss’s Cabinet.
Sir John Kingman, chairman of L&G, hailed Sir Nigel’s “outstanding contribution” to the company.
He said: “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.”
Sir Nigel 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.”
L&G, which was founded in 1836, is one of the UK’s biggest institutional investors with assets under management of more than £1.3 trillion.
Shares in the company fell 2.5pc after the announcement, taking its market valuation to around £15.2bn.
L&G said the outgoing chief executive has helped to drive total shareholder returns of more than 600pc during his time at the business and overseen its push into new areas such as infrastructure investment.
But his departure also follows a turbulent period for the sector after a crisis in the bond market following the disastrous mini-Budget hit pension schemes.
Legal and General Investment Management, the group’s asset management arm, is one of the UK’s largest providers of liability-driven investing, which was most affected by the slump.
Sir Nigel has also won several national masters Athletics Championships. He has five daughters and three grandchildren.
