Dr. Nigel Wilson is to replace Tim Breedon as group chief executive of Legal & General.
Wilson joined Legal & General as group chief financial officer and a member of the board in September 2009. He has been made group chief executive designate and will formally succeed Breedon with effect from 30 June 2012.
Breedon will step down as group chief executive and a member of the board from 30 June but will remain an employee of the company until 31 December 2012 undertaking an advisory role on key activities including working on and lobbying for an appropriate outcome on Solvency II.
Wadham Downing will act as interim group chief financial officer until a permanent successor is appointed. Downing is the company’s group financial controller and joined Legal & General in November 2009.
John Stewart, chairman of Legal & General, said: “Tim has made an outstanding contribution to Legal & General, during his long service to the group. The board is particularly grateful to him for his excellent stewardship during his tenure as group chief executive.
“I am delighted that Nigel will be Tim’s successor. Nigel will bring an evolutionary approach to the execution of the next stage of the group’s strategy and provide continued focus on delivering for our customers, business partners and shareholders.
“I am also delighted that Tim will be working with us until the end of the year continuing to play an important role for the company and the industry in ensuring an appropriate outcome in the UK on Solvency II.”