Legal & General Chairman Update

RNS Number : 3403Z
Legal & General Group Plc
26 May 2016
 

Legal & General Chairman Update

 

The Board of Legal & General Group Plc ('Legal & General' or the 'Company') today announces that John Stewart, Chairman of Legal & General, has decided to retire from the Board and as Chairman of the Company with effect from 1 June 2016.

 

The Company announced on 13 November 2015 that John had informed the Board of his intention to retire during 2016 following the identification and appointment of a successor.  Rudy Markham, the Senior Independent Director, is leading the Nominations Committee process for the identification and appointment of John's successor and the search is well advanced. The Nominations Committee expects to be in a position to make an announcement on the appointment of a successor Chair in the coming weeks. Given the very good progress made by the Nominations Committee in the search, the Chairman has requested and the Board has agreed that it is the appropriate time for him to step down.

 

Pending the successor Chair taking up their appointment, Rudy Markham, Vice Chairman, will assume the role of interim chair of Legal & General. He currently chairs the Remuneration Committee and is the Company's Senior Independent Director. Rudy's long tenure on the Board gives continuity to the Company through the transition to a new Chair. He stands down as Senior Independent Director at the conclusion of today's AGM when Julia Wilson takes up the role (as announced on 3 March 2016). As Senior Independent Director, Julia will complete the Nominations Committee Chair succession process. Rudy will step down as Chairman of the Remuneration Committee once a successor Committee Chair is appointed.

 

John Stewart, Chairman, said:

"Given the progress made by the Nominations Committee in identifying my successor, now is the right time for me to step down. I am immensely grateful for the support I have been given over the six years that I have been Chair, from the Board, the management team and staff of Legal & General. I wish the Company every success in the next phase of its development."

 

Commenting on John's retirement from the Board Rudy Markham said:

"The Board is extremely grateful for the long period of notice that the Chairman provided as this has enabled the Nominations Committee to undertake an exhaustive search process. The Board has been very fortunate to have John's guidance, wisdom and stewardship over the last 6 years. We wish him all the best for his retirement."

 

Nigel Wilson, Group Chief Executive, said:

"Legal & General has a strong Board, great people, a supportive culture that provides products that are economically and socially useful. This is a testament to John's leadership over the last six years. Rudy has also been a source of wise guidance and advice to the Board over this period and I am delighted that he is able to step in for the interim period."

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ENQUIRIES

INVESTORS:

Laura Doyle Head of Investor Relations 020 3124 2088

Steve Thomas Investor Relations Manager 020 3124 2047

MEDIA:

John Godfrey Corporate Communications Director 020 3124 2090

Richard King Head of Group Corporate Communications 020 3124 2095


This information is provided by RNS
The company news service from the London Stock Exchange
 
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