John Pollock, executive director and chief executive officer of the Legal & General Assurance Society (LGAS) division has informed the Board that after serving on the Board for over 11 years he intends to retire, stepping down from the Group Board at the next AGM on 21 May 2015.
Pollock (pictured) will be working closely with Nigel Wilson, Group CEO, to facilitate a smooth and orderly transition, the business said.
He joined Legal & General in 1980 and was appointed to the board in 2003. His career at Legal & General has included a variety of senior posts in IT and customer services, sales and the UK operations, as well as serving overseas as managing director, Asia and chief executive of protection and annuities where he doubled the scale of the annuities business.
As CEO of LGAS he is responsible for the protection and savings business providing over six million individual customers and over 8,000 corporate schemes with life insurance, general insurance and savings plans. These businesses produced operating profit of £444m in 2013.
Legal & General’s UK retail protection business, which has been the principal focus for much of John’s career, since 2000 has grown from a market share of 5% to over 25%.
Legal & General chairman John Stewart said: “John has been an outstanding member of the Board, and of Legal & General more broadly. His business achievements alone add up to a hugely successful career, but it is his combination of commercial acumen and commitment to customers that really set him apart.
“He not only firmly believes insurance is a force for good, but he has worked hard to make sure that this ethos is reflected in our products and services, and that all our employees share his vision. We all wish him well in his retirement.”
Pollock said: “Retiring from an organisation of L&G’s stature is hard; the people and the culture are strong beyond description and the success we have achieved is impressive. I hope I have contributed to that culture and success and leave the Board with a company in better shape than when I joined it.
“As part of a team you get to do your part (a bit like being in a band), but it is relentlessly the team that drives success. I have huge faith that L&G will continue to succeed and that the belief in “doing the right thing” will carry this company’s great leadership culture onwards and upwards. We have a really great team and I will miss them.
Above all, it has been fun and to those who have been part of that inside and outside the company (you know who you are), you have my heartfelt thanks.
“Without passion, there is no fun, without fun there is no motivation and without motivation there is no progress. L&G has been a passion for me for 35 years and despite it being right for me to step away now, I know I will miss it.”