Nigel Wilson will succeed Tim Breedon
Legal & General has appointed Nigel Wilson as group chief executive, replacing Tim Breedon.
Wilson has been group chief financial officer at L&G and a member of the board since September 2009. He will become group chief executive designate with immediate effect before formally succeeding Breedon on June 30.
Breedon will step down from his role at the end of June but will remain at L&G until the end of this year in an advisory role on issues such as Solvency II.
Wadham Downing, group financial controller at L&G, will act as interim group chief financial officer until a replacement for Wilson is found.
John Stewart, chairman of L&G, said: “Tim has made an outstanding contribution to L&G during his long service to the group, and I am delighted that Nigel will be his successor.
“Nigel will bring an evolutionary approach to the execution of the next stage of the group’s strategy and provide continued focus on delivering for our customers, business partners and shareholders.”
Breedon added: “It has been a great privilege to lead L&G for the last six and a half years. After 25 years service and with the company in excellent shape, I am pleased to hand over to Nigel a strong platform on which to take L&G forward.”
Wilson said he is excited by the challenges ahead as he takes over from Breedon.
He said: “Tim's stewardship has left the group in a great position to take advantage of the opportunities ahead of us, and it has been a privilege to work alongside him for the last three years.
“Together, we will ensure a seamless transition to enable the Group to capitalise on its strong positions.”