TIDMLGEN
RNS Number : 5436S
Legal & General Group Plc
22 December 2016
Legal & General Group Plc Board Announces the appointment of
Jeff Davies as Group Chief Financial Officer
Legal & General Group Plc ("Legal & General") is pleased
to announce the appointment of Jeff Davies as Group Chief Financial
Officer. Jeff will take up the appointment following the 2016
preliminary results announcement in Spring 2017. Mark Gregory, the
current Group CFO, will step down from Legal & General Group
Board when Jeff takes up his appointment, but will remain an
employee of the company until 31 August to assist with an orderly
handover.
Jeff Davies is currently a senior partner of Ernst & Young
LLP (E&Y) and leads their European Risk and Actuarial Insurance
Services practice. Prior to joining E&Y in 2004, he held a
number of senior actuarial roles at Swiss Re Life & Health. His
appointment follows a thorough process conducted by the Nominations
Committee with the assistance of a leading executive search firm.
The appointment has been approved by both the Prudential Regulation
Authority and Financial Conduct Authority.
Sir John Kingman, Chairman of Legal & General commented:
"I am delighted Jeff has been appointed as Group Chief Financial
Officer. He has deep insurance experience and expertise, and will
be an excellent addition to the Group Board as we take Legal &
General forward on the next stage of our strategy of growth. Mark
has been an outstanding Group Chief Financial Officer. I would like
to thank him for agreeing to stay with Legal & General until
the summer."
Nigel Wilson, Group Chief Executive Officer said:
"I very much look forward to Jeff joining the executive
management team, and working together as we continue to
successfully implement Legal & General's growth strategy. I
would also like to thank Mark for the terrific job he has done as
Group Chief Financial Officer."
No other information is required to be disclosed pursuant to
paragraph 9.6.13R of the Listing Rules of the Financial Services
Authority in relation to Jeff's appointment as a director of the
Company.
ends
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Sujee Rajah Investor Relations Manager 020 3124 2047
Media:
Richard King Head of Group Corporate Communications 020 3124
2095
Notes to editors:
1. Stuart Jeffrey Davies (Jeff)
Jeff is currently a senior partner of Ernst & Young LLP
(E&Y) and leads their European Risk and Actuarial Services
practice. He joined E&Y in 2004. Prior to this, he was with
Swiss Re where he held a number of senior actuarial roles. He is a
Fellow of the Institute of Actuaries.
Jeff's base salary will be GBP500,000. His maximum bonus
potential will be 150% of salary (subject to the approval of the
Group's Remuneration Committee). A percentage of any bonus will be
deferred and awarded in shares in Legal & General Group plc.
Jeff will be entitled to participate in the Company's Performance
Share Plan as determined by the Group's Remuneration Committee with
a current award potential of 250% of salary.
Jeff's remuneration is consistent with the Company's
remuneration policy for 2016 as detailed in the 2015 Directors'
Remuneration Report and approved by shareholders in 2014.
2. Mark Gregory
Mark originally announced an intention to retire on 31(st)
January 2017 (RNS 0110O dated 4 February 2016).
Mark joined Legal & General in 1998 from Asda Group Plc
where he was responsible for divisional finance and financial
control. He has undertaken a variety of divisional finance and
operational director roles at Legal & General including
Financial Director (Retail), Group Financial Controller,
Communications and Resources Director, Resources and International
Director, UK Services Operations Director and Managing Director of
With Profits. Mark was appointed as Chief Executive Officer of the
Savings business and as a director of the Board in January 2009.
Mark is a qualified chartered accountant.
Mark's conditions of employment from the date he steps down as a
director to 31 August 2017 will continue in accordance with his
service contract. Mark will be eligible for a bonus in relation to
the 2016 financial year in relation to performance during 2016
measured against a basket of metrics and objectives on a comparable
basis to the other executive directors. The 2016 bonus will be
subject to deferral in accordance with the Company's remuneration
policy. Mark will not be entitled to a bonus in relation to the
2017 financial year.
As Mark has confirmed to the Company that he is retiring from
executive and full time work, Mark will qualify as a good leaver
under the Company's Share Bonus Plan and Performance Share Plan.
Unvested share awards under the Company's Share Bonus Plan will
fully vest on the applicable vesting date in accordance with the
rules of the bonus scheme. Unvested Performance Share Plan awards
will vest based on and subject to performance to the end of the
relevant performance period in accordance with and subject to the
rules of the 2014 Performance Share Plan (2014 PSP). Vested awards
will be released, as soon as practicable, in equal tranches
following announcement of the annual results after the third,
fourth and fifth anniversaries of the start of the performance
period. Vested awards will be pro-rated in accordance with the
rules of the 2014 PSP.
Mark's retirement arrangements are consistent with the Company's
remuneration policy for 2016 as detailed in the 2015 Directors'
Remuneration Report and approved by shareholders in 2014.
3. Established in 1836, Legal & General is a leading
provider of insurance, savings and investment management products
in the UK. The Group has a market capitalisation of GBP14.5bn (as
at 21 December 2016) and is responsible for investing GBP841.5bn
worldwide (as at 30 June 2016) on behalf of investors,
policyholders and shareholders.
4. Legal & General has over seven million customers in the
UK for life assurance, pensions, investments and general insurance
plans and over one million customers in the US who rely on us for
life assurance.
5. In 2015, Legal & General's operating profit (IFRS basis)
was GBP1,455m and adjusted earnings per share were 18.58p for the
period, an increase of 14% and 11% respectively. For H1 2016 Legal
& General's adjusted operating profit was GBP822m, an increase
of 10%, profit before tax attributable to equity holders was
GBP826m, an increase of 23%, adjusted earnings per share were
11.20p for the period, an increase of 14%, and net cash generation
of GBP727m, an increase of 16%.
For more information on Legal & General, please see
http://www.legalandgeneralgroup.com/
Forward-looking statements
This announcement may contain certain forward-looking statements
relating to Legal & General, its plans and its current goals
and expectations relating to future financial condition,
performance and results. By their nature, forward-looking
statements involve uncertainty because they relate to future events
and circumstances which are beyond Legal & General's control,
including, among others, UK domestic and global economic and
business conditions, market related risks such as fluctuations in
interest rates and exchange rates, the policies and actions of
regulatory and Governmental authorities, the impact of competition,
the timing impact of these events and other uncertainties of future
acquisition or combinations within relevant industries. As a
result, Legal & General's actual future condition, performance
and results may differ materially from the plans, goals and
expectations set out in these forward-looking statements and
persons reading this announcement should not place reliance on
forward-looking statements. These forward-looking statements are
made only as at the date on which such statements are made and
Legal & General Group Plc does not undertake to update
forward-looking statements contained in this announcement or any
other forward-looking statement it may make.
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOABIBDDDSDBGLB
(END) Dow Jones Newswires
December 22, 2016 02:00 ET (07:00 GMT)
Legal & General (LSE:LGEN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Legal & General (LSE:LGEN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024