John Stewart, chairman of Legal & General Group Plc since 2010, intends to retire during 2016, following the identification and appointment of a successor.
The senior independent director will lead the Nominations Committee process for the identification and appointment of Stewart’s successor.
Stewart said: “Legal & General is strategically and financially stronger than it was five years ago. It has a strong Board, great people, first class ethics and a supportive culture, and provides products that are economically and socially useful. I feel we are now coming to a stage where the post-financial crisis work has been successfully delivered: the company is now focused on the right markets in the UK and internationally and well prepared for the transition to Solvency II. The time will be right to pass on the baton after serving as chair for over six years.
“I am immensely grateful for the tremendous support I have been given over the years by the Board, the management team and staff of Legal & General. As part of our usual succession planning, I am giving plenty of notice to allow for an orderly and thorough recruitment process, but I expect our Annual General Meeting in May 2016 to be my last as chairman.
“My priorities over the coming months will include taking the powerful L&G culture to the next level, so that we continue to serve customers and clients even better in the future. Leading the Board and the company through the next phase of its development will require not just expertise in investment management and insurance but, just as importantly, commitment to the right culture and values on the part of my successor.”
Nigel Wilson, group chief executive, added: “John has provided terrific leadership over the last five years – his ‘inspired common-sense’ has made him a valued mentor not just to the Board and me, but to the company as a whole. Characteristically, his announcement gives us the opportunity to ensure a smooth succession process and transition to a new chair, and in the meantime we will continue to benefit from his wisdom and experience.”