Legal & General boss to retire

Legal & General chief executive Tim Breedon is to retire from the insurer at the end of 2012, the company said on Thursday, adding it would start a process to find his successor in due course.

"With the company in excellent shape I feel that next year will be the right time to retire from the company. By giving notice of this now, the board will have ample time to plan and ensure an orderly succession," Breedon said in a statement.

Breedon joined Legal & General in 1987, working his way up the ranks to become group chief executive in January 2006.

Last month, L&G raised its shareholder payout by a quarter after strong growth at its fund management and savings divisions helped it beat first-half profit forecasts.