Directorate Change

RNS Number : 8720R

Legal & General Group Plc

07 May 2009

 



Legal & General Group Plc Board announces the retirement of Andrew Palmer and appointment of Dr Nigel Wilson.

Legal & General Group Plc ('Legal & General' or 'the Company') is pleased to announce that it will be appointing Dr Nigel Wilson to its Board as Group Chief Financial Officer, subject to FSA approval, in succession to Andrew Palmer. 

Mr Palmer, who is 55, has been a Board member at Legal & General since 1996, and Group Director (Finance) since 2001. He informed the Chairman last year that, subject to an appropriate successor being found, it would be his intention to retire from executive corporate life to pursue other interests at a mutually convenient date. A search for his successor was initiated in October 2008, with a view to an orderly succession.

Dr Wilson, 52, will join the Board in September on termination of his current role with United Business Media Plc, where he has been Chief Financial Officer since 2001, as well as Deputy Chief Executive Officer since 2008. Mr Palmer will work in tandem with Dr Wilson to ensure a smooth succession and handover process. Mr Palmer, who retires by rotation from the Board of Legal & General this year, is accordingly presenting himself for re-election to the Board at the Company's AGM on 27th May.

Sir Rob Margetts, Chairman of Legal & General, commented:

'Andrew has been a very effective and distinguished Finance Director for Legal & General and has made a great contribution to the Company over a long period. Last year he told me that he wished to retire as an executive director to pursue other interests, subject to the right successor being identified. In due course, I and the whole Board wish Andrew a happy and busy retirement.'

Sir Rob Margetts, commented on the appointment:

'I am now very pleased that Nigel Wilson has chosen to join Legal & General, and that, with Andrew's help, an orderly transition will take place later this year. Nigel brings intellectual rigour and a strong track record gained across different sectors. I look forward to working with him.'

Prior to joining United Business Media, Dr Nigel Wilson's career included holding a variety of financial and other senior board-level roles across several business sectors. He has a PhD in Economics from the Massachusetts Institute of Technology, and began his business career as a consultant with McKinsey & Co. He is also senior Non-Executive Director and Chairman of the Audit Committee at Halfords Plc. There is no information about Dr Wilson that requires disclosure under Listing Rule 9.6.13(2) - (6).

Ends

Notes

Biographies

1) Andrew Palmer biography - he has been Group Director (Finance) of Legal & General Group Plc since 2001. He was appointed to the Board in January 1996, and served as Group Director (Services) and Group Director (Corporate Business) before assuming his current role. He joined Legal & General in 1988. Andrew is a non-executive director and Chairman of the Audit Committee for SEGRO Plc, Chairman of the Association of British Insurers (ABI) Financial Regulation and Taxation Committee and is Chairman of the ABI's Financial Reporting Panel. Former roles include: Group Director (Corporate Business) and Group Director (Services).

2) Dr Nigel Wilson biography - he has been Chief Financial Officer of United Business Media Limited since 2001 and was appointed as Deputy Chief Executive in 2008. He was group finance director of Viridian Group plc from 1996 to 2000, and became managing director of Viridian Capital in 1999. Nigel is a non-executive director and currently acting Chairman of Halfords Group plc. Previous appointments include group finance director at Waste Management International plc, chief executive, corporate, Guinness Peat Aviation (G.P.A.), head of corporate finance and group commercial director of Dixons Group plc, managing director of Stanhope Properties plc and a consultant at McKinsey & Co. Nigel has a PhD from the Massachusetts Institute of Technology.

Enquiries        

Investors:        

Jonathan Maddock     Head of Investor Relations             020 3124 2150

Damian O'Reilly          Investor Relations Manager            020 3124 2151

Ching-Yee Chan         Investor Relations Co-ordinator     020 3124 2345

Media:        

John Godfrey              Group Communications Director    020 3124 2090

Richard King              Head of Media Relations                020 3124 2095

James Bradley            Tulchan Communications                020 7353 4200

Mal Patel                    Tulchan Communications                020 7353 4200

Forward-looking statements

This document may contain certain forward-looking statements with respect to certain of Legal & General Group Plc's plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Legal & General Group Plc's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition and the policies and actions of governmental and regulatory authorities and the timing impact and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group Plc's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in Legal & General Group Plc's forward-looking statements. Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.

 

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