L&G appoints new group chief executive

Legal & General has promoted its group chief financial officer Dr Nigel Webster to become the insurer’s new group chief executive, replacing the its current chief executive Tim Breedon.

Wilson will formerly take over on June 30 2012 from Breedon, who despite stepping down from the top job will remain an employee of the Company until 31 December 2012, undertaking an important advisory role on key activities including working on and lobbying for an appropriate outcome on Solvency II.

L&G is now on the hunt for a permanent group chief financial officer to replace Wilson, with the company’s group financial controller Wadham Downing acting as an interim group chief financial officer.

Breedon says: “It has been a great privilege to lead Legal & General for the last six and a half years. After 25 years service and with the Company in excellent shape, I am pleased to hand over to Nigel a strong platform on which to take Legal & General forward.

“We have worked together closely as CEO and CFO over the last few years and I look forward to working with him as he transitions into his new role.”