Legal & General chairman to step down

Financial services group Legal & General has announced that its chairman John Stewart plans to retire in 2016, following the appointment of a successor.
Legal & General HQ in the City of London. Photo: Tim Ireland/PA WireLegal & General HQ in the City of London. Photo: Tim Ireland/PA Wire
Legal & General HQ in the City of London. Photo: Tim Ireland/PA Wire

The senior independent director will lead the nominations committee process for the identification and appointment of a new chairman. Mr Stewart has been chairman of Legal & General since 2010.

Mr Stewart said: “Legal & General is strategically and financially stronger than it was five years ago. It has a strong board, great people, first class ethics and a supportive culture, and provides products that are economically and socially useful.”

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He said that he felt Legal & General was now coming to a stage where the post-financial crisis work has been successfully delivered and the company is now focused on the right markets in the UK.

Mr Stewart added: “The time will be right to pass on the baton after serving as chair for over six years. I am immensely grateful for the tremendous support I have been given over the years by the Board, the management team and staff of Legal & General.

“As part of our usual succession planning, I am giving plenty of notice to allow for an orderly and thorough recruitment process, but I expect our Annual General Meeting in May 2016 to be my last as chairman.”