Legal & General Board Change
The Board of Legal & General Group Plc ("Legal & General" or the "Company") is pleased to announce the appointment of Sir John Kingman as Group Chairman of Legal & General. The appointment has been approved by both Financial Regulators, the Prudential Regulation Authority and Financial Conduct Authority. The appointment is subject to the advice of the Cabinet Office Advisory Committee on Business Appointments.
His appointment follows a thorough and exhaustive process conducted by the Nominations Committee with the assistance of a leading executive search firm. Sir John will succeed Rudy Markham, who began the search and appointment process for the new Chairman whilst Senior Independent Director, and has served as Interim Chairman since John Stewart’s retirement from the Board on 1 June. The appointment process was concluded by Julia Wilson, who became Senior Independent Director at the Company’s AGM on 26 May.
Sir John Kingman has had an extensive Whitehall career, culminating as Second Permanent Secretary of HM Treasury, where his responsibilities variously included serving as Managing Director of the Finance and Industry Directorate, and Managing Director of the Public Services and Growth Directorate. He was also CEO of UK Financial Investments, with responsibility for managing the Government’s shareholdings in Lloyds Bank Plc, Royal Bank of Scotland Plc, and Northern Rock Plc. He has spent time in the private sector as a managing director of NM Rothschild, where he was global co-head of the Financial Institutions Group.
Rudy Markham, Interim Chairman, said: "John’s grasp of complex financial markets was a hallmark of the UK government’s successful handling of the 2008-9 financial crisis. This, plus his commitment to growth in the UK economy, will stand him in good stead at Legal & General as the UK navigates Brexit and as we continue to support economic growth which benefits our 10 million customers."
Julia Wilson added: "John’s intellect, experience and his expertise and leadership operating at the most senior levels in finance, complement the broader financial and operational skills of our Board, and I look forward to working with him. I would also like to thank Rudy for taking on the role of Interim Chairman."
John Kingman, Chairman designate said: "Legal & General is a great company. I am delighted to serve as its next Chairman, helping to generate value as part of a strong team and applying our collective skills on behalf of our shareholders and customers."
No other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules of the Financial Services Authority in relation to John’s appointment as a director of the Company.
For further information, please contact:
Laura Doyle, Head of Investor Relations
Tel: 020 3124 2088
Stephen Thomas, Investor Relations Manager
Tel: 020 3124 2047
John Godfrey, Corporate Affairs Director
Tel: 020 3124 2090
Richard King. Head of Group Corporate Communications
Tel: 020 3124 2095
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 £14bn (as at 31 March 2016) and is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. 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. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
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.