Directorate Change

RNS Number : 4540D

Legal & General Group Plc

02 December 2009

 



Legal & GENERAL APPOINTS JOHN STEWART AS CHAIRMAN 

Legal & General Group Plc today announces the appointment of John Stewart as non-Executive Chairman of the Group in succession to Sir Rob Margetts. 

Mr Stewart will become Chairman-designate from 1st January 2010 and will succeed Sir Rob with effect from 1st March 2010. Sir Rob will stand down from the Board with effect from that date.

Mr Stewart has an extensive career in UK and international financial services. He was Group Chief Executive Officer of Woolwich PLC from 1996-2000, Deputy CEO of Barclays from 2000-2003 and Chief Executive of National Australia Bank from 2004 to 2008. He is a non-Executive Director of Telstra Corporation Ltd and was recently appointed a Director of the Court of the Bank of England.

Commenting on the appointment, Sir David Walker, Vice-Chairman and Senior Independent Director of Legal & General said:

"I am very pleased to welcome John to Legal & General following the Board's unanimous decision to appoint him as Chairman. John Stewart is an outstanding candidate. The role of Chairman of a FTSE 100 financial services firm is a challenging one - Legal & General is very pleased to secure someone who knows UK financial services inside-out and has strong international experience which will be invaluable as the Group grows its overseas franchise."

Mr Stewart said: 

"I have known and worked with Legal & General for many years, and regard it as one of the crown jewels in UK financial services. The company has huge strengths, including its balance sheet, cash-generative capacity, its strong brand and commitment to customers. It has a top-class CEO and management team, and its range of market leading operations with synergy opportunities mean it is strategically well-positioned to deliver profitable growth in the UK and internationally while also fulfilling a broader, socially useful, remit. I look forward to working with the Board and the management team to deliver those prospects to shareholders" 

Sir Rob Margetts joined the Board of Legal & General in 1996, and has been Chairman since February 2000. Commenting on his retirement, Sir David Walker added:

"During Rob's decade of service as Chairman, he has consistently demonstrated his ability to provide wise counsel and clear board leadership for Legal & General. We value hugely and thank him for his extraordinary commitment both to the success of Legal & General and to our strong ethic as a responsible provider of financial services. We wish him well in the next stage of his career."

Notes to Editors:

John Stewart served as Chief Executive Officer of National Australia Bank Limited from February 2004 to January 2009. Prior to that, he was Managing Director and Chief Executive Officer of National Australia Bank of Europe at National Australia Bank Limited (2003 to 2004). Before joining National Australia Bank, Mr Stewart was Deputy Chief Executive of Barclays PLC from 2000 to 2003 and Group Chief Executive Officer of Woolwich PLC from 1996 to 2000.

Enquiries        

Investors:        

Matt Hotson            Investor Relations Director                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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