LONDON (Alliance News) - Life insurer and investment manager Legal & General Group PLC on Friday said Chairman John Stewart will retire from his role in 2016.
Stewart has been the group's chairman since 2010. The group said its senior independent director Rudy Markham will lead the search for a replacement for Stewart.
"Legal & General is strategically and financially stronger than it was five years ago," Stewart said. "I feel we are now coming to a stage where the post-financial crisis work has been successfully delivered: the company is now focused on the right markets in the UK and internationally and well prepared for the transition to Solvency II."
"The time will be right to pass on the baton after serving as chair for over six years," he added.
Shares in Legal & General were down 0.4% at 263.32 pence shortly after market open Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Legal & General (LGEN)