Respected City grandee Sir Nigel Wilson will step away from the top job at Legal & General after more than a decade at the helm.
The insurer and pensions provider announced Wilson’s planned retirement to markets this morning.
Wilson will stay with L&G until a successor is found, with the firm expecting that process to last around a year.
His tenure has been widely considered a success in the Square Mile, with a consistently strong financial performance despite an occasionally challenging global climate.
Wilson is no strange to Westminster either, having sat on a number of business councils for a host of Prime Ministers. He also led the Investment Association’s influential review of executive pay in 2016 and 2017.
L&G chair Sir John Kingman led the tributes to Wilson this morning.
“He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment,” he said.
“Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the Group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people,” the chairman continued.
Wilson said he was committed to driving L&G forward during the turnover and credited the team around him, but said he had “mixed feelings” about retirement.
“It has been a remarkable team effort by all my colleagues across the world. Without their unstinting efforts we would not have achieved the tremendous success we have. I have also benefitted hugely from the support of an outstanding Board.
“I firmly believe we have laid strong foundations to support the next phase of growth for the Group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this,” he added.