Directorate Change

RNS Number : 8598U

Legal & General Group Plc

24 January 2017

 

Directorate Change

Legal & General Group Plc (the "Company" or "Legal & General") has today announced that Toby Strauss will succeed Richard Meddings as Chair of the Group's Risk Committee from 9 March 2017. This follows Richard advising the Board that he intends to step down from the Board following the conclusion of the AGM on 25 May. He will remain a member of the Risk, Audit and Remuneration Committees until he steps down.

Toby joined the Board on 1 January 2017 and became a member of the Audit and Risk Committees. Toby has extensive experience following an executive career in financial services which included Group Director of Insurance and Chief Executive of Scottish Widows at Lloyds Banking Group, and prior to that Chief Executive of the UK Life business of Aviva.

Sir John Kingman, Chairman of Legal & General, said:

"Richard has been an outstanding Chair of the Risk Committee and member of the Audit and Remuneration committees. On behalf of the Board I would like to thank him for the breadth of his contribution and for his strong and wise counsel."

ends

For further information, please contact:

Investors:

Laura Doyle                       Head of Investor Relations                                                                                       020 3124 2088

Sujee Rajah                      Investor Relations Manager                                                                                     020 3124 2047

Media:

Richard King                     Head of Group Corporate Communications                                                        020 3124 2095

Notes to editors:

Legal & General Group Plc:

1.     Richard Meddings was appointed to the Board in December 2014. Richard is a qualified chartered accountant and has over 30 years of banking and financial services experience, most recently having spent 12 years on the board of Standard Chartered and almost eight years as finance director. Previously, Richard was group financial controller at Barclays and was also chief operating officer for the Wealth Management, Premium Retail and Life Assurance businesses. He has also served on the board of Woolwich as group finance director and as a non-executive director at 3i where he was the senior independent director and chair of the audit committee. Richard is also on the Board of Teach First, a charity committed to ending educational inequality.

Richard is currently non-executive director and chair of the audit committee of Deutsche Bank, non-executive director and chair of the audit committee of HM Treasury and Member of the Governing Council of the International Chamber of Commerce, UK

2.     Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.2bn (as at 20 January 2017) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders.

3.     Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance.

4.     In 2015, Legal & General's operating profit (IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively. For H1 2016 Legal & General's adjusted operating profit was £822m, an increase of 10%, profit before tax attributable to equity holders was £826m, an increase of 23%, adjusted earnings per share were 11.20p for the period, an increase of 14%, and net cash generation of £727m, an increase of 16%.

For more information on Legal & General, please see http://www.legalandgeneralgroup.com/

Forward-looking statements

This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General'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 and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.

 

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