L&G’s Nigel Wilson to retire
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Sir Nigel Wilson will retire from his role as chief executive of Legal & General after more than a decade of leadership.
The board will now look for a successor and consider both internal and external candidates. Sir Nigel has agreed to continue as chief executive until his replacement starts. L&G expects this process will take around a year.
He joined the life insurer in 2009 as chief financial officer and became CEO in 2012. He was knighted for services to Finance and Regional Development in the 2022 New Year's Honours List.
The company said he 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.
The insurer said 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 the company has delivered Inclusive Capitalism with positive outcomes for shareholders, customers and the broader economy.
Sir John Kingman, chair of L&G, described Sir Nigel as “a world-class leader who has worked with great passion and energy” and a “tireless champion for investment-led growth and responsible investment”.
Sir John added: “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.”
During L&G’s half-year results presentation in August, the company revealed it had invested more than half of its assets outside the UK. Sir Nigel praised the US in particular, citing an unfavourable regulatory environment in the UK and the ease of doing business in the US.
In November, he told the Lords Industry and Regulators Committee that leverage was a useful tool to protect liability-driven investment portfolios but had to be taken in a duration context.
L&G is due to present its 2022 full year results on 8 March.
Who could be the next L&G boss?