Sir Nigel Wilson has announced he plans to step down as Group CEO of L&G
Wilson joined Legal & General Group in 2009 as Chief Financial Officer and was appointed Chief Executive in 2012.
Since joining , the Group 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. 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 Legal & General has delivered Inclusive Capitalism with positive outcomes for shareholders, customers and the broader economy.
The Board will now commence a rigorous process to appoint a successor, considering both internal and external candidates. Sir Nigel has agreed to continue as Chief Executive until the new Chief Executive starts and he will support a smooth transition following their appointment. It is envisaged that this process will take around a year. In the meantime, Sir Nigel will continue to focus on delivering the current strategy of the Group, supported by the executive team.
Sir John Kingman, Group Chair:
“The Board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost fourteen 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.
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.
Under his stewardship, the Group has consistently delivered profitable, sustainable and inclusive growth. Nigel has been a tireless champion for investment-led growth and responsible investment.
Nigel’s decision to announce his planned retirement from Legal & General now allows for an orderly process to appoint a new Chief Executive who can continue delivering on the Group’s immense potential.”
Sir Nigel Wilson, Group Chief Executive:
“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.
I firmly believe we have laid strong foundations to support the next phase of growth for the Group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this.
I remain fully committed to delivering the current strategy of the Group, in partnership with the executive team, and supporting the transition to a new Chief Executive.”
Not many people leave the top job their way – but this is what Nigel Wilson is doing. Several times he has taken time out of his day to help me with my career. He is that kind of person.
I hope he enjoys his retirement and that L&G can continue to do well as they manage the succession. He leaves as his beloved Newcastle United look like challenging to be the best team in the world, I hope he can spend more time at St James’ Park.