John Stewart to Retire in 2016

RNS Number : 5925F

Legal & General Group Plc

13 November 2015

 



Legal & General Group Plc

John Stewart to Retire in 2016

John Stewart, Chairman of Legal & General Group Plc since 2010, has informed the Board of his intention to retire during 2016, following the identification and appointment of a successor. The Senior Independent Director will lead the Nominations Committee process for the identification and appointment of John's successor.

John Stewart, Chairman, said:

"Legal & General is strategically and financially stronger than it was five years ago. It has a strong Board, great people, first class ethics and a supportive culture, and provides products that are economically and socially useful. 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. I am immensely grateful for the tremendous support I have been given over the years by the Board, the management team and staff of Legal & General. As part of our usual succession planning, I am giving plenty of notice to allow for an orderly and thorough recruitment process, but I expect our Annual General Meeting in May 2016 to be my last as Chairman."

Mr Stewart added: "My priorities over the coming months will include taking the powerful L&G culture to the next level, so that we continue to serve customers and clients even better in the future. Leading the Board and the Company through the next phase of its development will require not just expertise in investment management and insurance but, just as importantly, commitment to the right culture and values on the part of my successor."

Commenting on Mr Stewart's announcement of his intention to step down from the Board Nigel Wilson, Group Chief Executive, said:

"John has provided terrific leadership over the last five years - his 'inspired common-sense' has made him a valued mentor not just to the Board and me, but to the Company as a whole. Characteristically, his announcement gives us the opportunity to ensure a smooth succession process and transition to a new Chair, and in the meantime we will continue to benefit from his wisdom and experience."

Rudy Markham, Senior Independent Director, said:

"Over the last five years the Board has been very fortunate to have John's guidance, wisdom and stewardship. He has ensured that we have the time and resources to ensure an orderly succession".

End

NOTES TO EDITORS:

Legal & General Group Plc

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 £15.7bn (as at 12 November 2015) and is responsible for investing £714.6bn worldwide as at 30 September 2015 on behalf of investors, policyholders and shareholders. We have over 10 million customers in the UK and US for life assurance, pensions, investments and general insurance plans. In 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively. Legal & General's dividend per share was 11.25p for 2014, up 21% on the prior year's 9.30p per share.

Biographies

John succeeded Sir Rob Margetts as Legal & General's Chairman in 2010. During his tenure he has overseen substantial growth and outperformance, with a total shareholder return of 399%. John is a member of the Court of the Bank of England and was previously a non-executive director of the Financial Reporting Council and Chairman of Guide Dogs for the Blind.

He was previously a director of the Telstra Corporation, a member of the Australian Federal Attorney General's Business Government Advisory Group on National Security and a member of the Australian Prime Minister's Task Group on Emissions Trading. Other former roles include: chief executive of Woolwich (1996-2000), deputy CEO of Barclays (2000-2003) and chief executive of National Australia Bank (2004-2008).

ENQUIRIES

For further information, please contact:

INVESTORS:

Laura Doyle                  Head of Investor Relations                                020 3124 2088

Stephen Thomas            Investor Relations Manager                               020 3124 2047

MEDIA:

John Godfrey                Corporate Affairs Director                                 020 3124 2090

Richard King                 Head of Group Corporate Communications         020 3124 2095

Michelle Clarke             Tulchan Communications                                   020 7353 4200

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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