Legal & General Group Plc board announces the planned retirement of Tim Breedon at the end of 2012.
22 September 2011
Legal & General Group Plc ("Legal & General" or "the Company") announces that Tim Breedon, Group Chief Executive of Legal & General has advised them of his intention to retire from the Company at the end of 2012.
Mr Breedon, previously, Group Director (Investments) and Deputy Group Chief Executive, was appointed to the position of Group Chief Executive on 1st January 2006. The Board will commence a process to appoint Tim's successor in due course.
Tim Breedon, Group Chief Executive, commented:
"It has been an absolute privilege to lead Legal & General, but by the end of 2012 I will have completed 25 years service with the Company and will have been CEO for 7 years. With the Company in excellent shape I feel that next year will be the right time to retire from the Company. By giving notice of this now, the Board will have ample time to plan and ensure an orderly succession."
John Stewart, Chairman of Legal & General, commented:
"Tim is and has been a first class CEO. The Company is in great shape and we are very appreciative of his excellent stewardship. I look forward to working with him in this next phase, building on this success, and in due course the appointment of his successor.
Notes to editors
Tim Breedon was appointed to the Board in January 2002 as Group Director (Investments) and became Group Chief Executive in January 2006. He joined Legal & General in 1987 and former roles include Managing Director (Index Funds) and Director (Index Funds). Tim is a director of the Association of British Insurers and was appointed Chairman in July 2010. Former directorships include The Investment Management Association and The Financial Reporting Council.
For more information please contact:
Group Corporate Affairs Director
t: +44 (0) 2031 242090
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001
About Legal & General
Legal & General Group Plc.
One Coleman Street
Registered in England. Registered Number: 1417162.
Legal & General Group Plc is a holding company, subsidiary undertakings of which are fully authorised as appropriate under the Financial Services and Markets Act in respect of their investment activities in the UK.
© Legal & General Group Plc 2011