Legal & General Group Plc Legal & General Chairman Update (3403Z)
26 Mai 2016 - 8:01AM
UK Regulatory
TIDMLGEN
RNS Number : 3403Z
Legal & General Group Plc
26 May 2016
Legal & General Chairman Update
The Board of Legal & General Group Plc ('Legal &
General' or the 'Company') today announces that John Stewart,
Chairman of Legal & General, has decided to retire from the
Board and as Chairman of the Company with effect from 1 June
2016.
The Company announced on 13 November 2015 that John had informed
the Board of his intention to retire during 2016 following the
identification and appointment of a successor. Rudy Markham, the
Senior Independent Director, is leading the Nominations Committee
process for the identification and appointment of John's successor
and the search is well advanced. The Nominations Committee expects
to be in a position to make an announcement on the appointment of a
successor Chair in the coming weeks. Given the very good progress
made by the Nominations Committee in the search, the Chairman has
requested and the Board has agreed that it is the appropriate time
for him to step down.
Pending the successor Chair taking up their appointment, Rudy
Markham, Vice Chairman, will assume the role of interim chair of
Legal & General. He currently chairs the Remuneration Committee
and is the Company's Senior Independent Director. Rudy's long
tenure on the Board gives continuity to the Company through the
transition to a new Chair. He stands down as Senior Independent
Director at the conclusion of today's AGM when Julia Wilson takes
up the role (as announced on 3 March 2016). As Senior Independent
Director, Julia will complete the Nominations Committee Chair
succession process. Rudy will step down as Chairman of the
Remuneration Committee once a successor Committee Chair is
appointed.
John Stewart, Chairman, said:
"Given the progress made by the Nominations Committee in
identifying my successor, now is the right time for me to step
down. I am immensely grateful for the support I have been given
over the six years that I have been Chair, from the Board, the
management team and staff of Legal & General. I wish the
Company every success in the next phase of its development."
Commenting on John's retirement from the Board Rudy Markham
said:
"The Board is extremely grateful for the long period of notice
that the Chairman provided as this has enabled the Nominations
Committee to undertake an exhaustive search process. The Board has
been very fortunate to have John's guidance, wisdom and stewardship
over the last 6 years. We wish him all the best for his
retirement."
Nigel Wilson, Group Chief Executive, said:
"Legal & General has a strong Board, great people, a
supportive culture that provides products that are economically and
socially useful. This is a testament to John's leadership over the
last six years. Rudy has also been a source of wise guidance and
advice to the Board over this period and I am delighted that he is
able to step in for the interim period."
END
ENQUIRIES
INVESTORS:
Laura Doyle Head of Investor Relations 020 3124 2088
Steve Thomas Investor Relations Manager 020 3124 2047
MEDIA:
John Godfrey Corporate Communications Director 020 3124 2090
Richard King Head of Group Corporate Communications 020 3124
2095
This information is provided by RNS
The company news service from the London Stock Exchange
END
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