Legal & General boss Sir Nigel Wilson has announced plans to retire, after more than a decade as chief executive.
Wilson joined Legal & General Group in 2009 as chief financial officer and was appointed chief executive in 2012.
Since he joined the business, L&G has delivered a total shareholder return of more than 600%. It has also repositioned itself as a major investor in the UK housing market, with a focus on affordable and modular homes.
The board will now begin “a rigorous process” to appoint a successor, considering both internal and external candidates.
Wilson has agreed to continue as chief executive until his replacement is in the post. It is envisaged that the entire process will take around a year.
Chair 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 14 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.”
Wilson added: “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.”
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