Source - RNS
RNS Number : 7646M
Legal & General Group Plc
18 October 2016
 

Sir John Kingman to take up Group Chairman Appointment on 24 October 2016

 

18 October 2016

 

The Board of Legal & General Group Plc ("Legal & General" or the "Company") announces that Sir John Kingman will take up his appointment as Group Chairman of Legal & General with effect from 24 October 2016. Rudy Markham, Interim Chairman, will remain on the Board as non-executive director until the AGM in 2017.

 

Rudy Markham, Interim Chairman, said:

 

"On behalf of the Board, I welcome John as our new Chair. Legal & General is an exceptional company and it has been my privilege to serve the Board and Company in a variety of roles during my tenure."

 

Julia Wilson, Senior Independent Director, added:

 

"I wish to thank Rudy for his wisdom, guidance and stewardship during his years on the Board and particularly for assuming the Chairmanship over the last few months. The Board is very grateful for Rudy's leadership."

 

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 John's appointment as a director of the Company.

 

END

 

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. Sir John Kingman will assume the role of Chairman on 24 October 2016. His annual fee as Chairman will be £450,000.

 

2. Biography: Sir John Kingman has had an extensive Whitehall career, culminating as Second Permanent Secretary of HM Treasury, where his responsibilities variously included serving as Managing Director of the Finance and Industry Directorate, and Managing Director of the Public Services and Growth Directorate. He was also CEO of UK Financial Investments, with responsibility for managing the Government's shareholdings in Lloyds Bank Plc, Royal Bank of Scotland Plc, and Northern Rock Plc. He has spent time in the private sector as a managing director of NM Rothschild, where he was global co-head of the Financial Institutions Group.   

 

3. The appointment is for an initial five year term and the Board may wish to reappoint him for additional period(s). The appointment remains subject to annual re-election by shareholders.

 

4. Rudy Markham will stand down from the Board of Directors on 25 May 2017.

 

Legal & General Group Plc:

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 £12.4bn (as at 17 October 2016) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders. 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. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.

 

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
 
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