Legal & General finance chief invests £670,000

Legal & General's new chief financial officer Dr Nigel Wilson has bought £670,000 worth of shares less than seven weeks after joining the board of the insurer.

Dr Wilson tookup his appointment on 1 September 2009. He did not own any shares at the time. Dr Wilson bought 760,948 shares at 88p each on 16 October. That is equivalent to 0.013% of L&G.

He has been awarded a further 760,948 shares at 88p each. The award of these matching shares is conditional. A further 1.19m shares have been conditionally awarded at 87.9p each as part of the company's performance share plan.

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Dr Wilson joined L&G from United Business Media, where he was deputy chief executive and finance director. He is also senior non-executive director at retailer Halfords.

L&G reported a 92% slump in operating profit in the six months to June 2009. The interim dividend was slashed by 45% to 1.11p a share.

The L&G share price closed at 74.45p on 1 September and has recovered to 85.85p. The share price is one-third higher than one year ago.

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