Change at the top as Legal and General appoints new CEO

Risk, savings and investment management provider Legal and General has appointed its Chief Financial Officer (CFO) Nigel Wilson as its new Chief Executive Officer (CEO), replacing Tim Breedon when he steps down from the board next month..

Wilson joined the firm back in September 2009 and his appointment follows a "thorough and exhaustive process conducted by the board under the Chairman's leadership and with the assistance of a leading executive search firm," the group said. He previously held positions of CFO and deputy-CEO of United Business Media .

"I am honoured by the board's confidence in me and excited by the challenges ahead as I take up the reins from Tim. Tim's stewardship has left the group in a great position to take advantage of the opportunities ahead of us. It has been a privilege to work alongside Tim for the last three years. Together, we will ensure a seamless transition to enable the group to capitalise on its strong positions," Wilson said.

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He will become the Chief Executive Designate with immediate effect and formally succeed Breedon on June 30th. Breedon will stay on as an employee until the end of the year in an advisory role on key activities, "including working on and lobbying for an appropriate outcome on Solvency II".

Breedon joined Legal & General back in 1987 and had a number of previous roles including Managing Director (Index Funds) and Director (Index Funds). He was appointed to the board in 2002 and became CEO in 2006.

"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," said Chairman John Stewart.

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