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(Alliance News) - Legal & General Group PLC on Monday said Chief Executive Nigel Wilson plans to step down, after more than a decade in post.
Wilson joined the London-based life insurance and financial services provider in 2009 as chief financial officer and was appointed to CEO in 2012.
During his time at L&G, the company said, Wilson exceeded financial and operational targets, delivering positive outcomes for customers and shareholders.
The stock was down 2.2% at 255.00 pence each on Monday morning in London. L&G shares have more than doubled since the start of 2012, when they stood around 112p.
L&G has begun the process to appoint a successor, considering both internal and external candidates.
Wilson will continue as CEO until his successor starts. It is planned that this process will take around a year.
Chair John Kingman 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 from which it can continue developing on behalf of its shareholders, customers and people."
Back in August, L&G reported a 2.8% rise in pretax profit to GBP1.44 billion in the half-year that ended June 30 from GBP1.40 billion a year before. Gross written premiums were 55% higher at GBP6.61 billion from GBP4.26 billion.
By Xindi Wei, Alliance News reporter
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