LEGAL & GENERAL PLC Legal & General Group Plc - Directorate Change
16 September 2014
The Board of Legal & General Group plc ("Legal & General") today announced that John Pollock, Executive Director and Chief Executive Officer of the Legal & General Assurance Society (LGAS) division has informed the Board that after serving on the Board for over 11 years he intends to retire, stepping down from the Group Board at the next AGM on 21 May 2015.
John has given a long notice period in order to facilitate a smooth and orderly transition. John will be working closely with Nigel Wilson, Group CEO, to effect this and a further announcement will be made in due course.
Mr Pollock joined Legal & General in 1980 and was appointed to the Board in 2003. His career at Legal & General has included a variety of senior posts in IT and customer services, sales and the UK operations, as well as serving overseas as Managing Director, Asia and Chief Executive of Protection and Annuities where he doubled the scale of the annuities business.
John as CEO of LGAS is responsible for the protection and savings business providing over 6 million individual customers and over 8,000 corporate schemes with life insurance, general insurance and savings plans. These businesses produced operating profit of £444m in 2013 and a strong performance in H1 2014. Legal & General's UK retail protection business, which has been the principal focus for much of John's career, since 2000 has grown from a market share of 5% to over 25%.
His achievements have included the automation of over 80% of protection applications - an innovation which reduced unit costs by over 40% - delivering market-leading value for customers, and turning around the General Insurance business. John's commitment to customer value is also reflected in Legal & General's approach to workplace pensions charging, where he has led the campaign to cap charges at 50bp for auto-enrolled pensions and for the abolition of unfair charges such as the "Active Member Discount". Under his leadership, Legal & General has gained more than 1 million auto-enrolled employees, and is a leader in the sector.
Last year he was awarded "Protection Provider of the Decadeboth by Lifesearch and by the Protection Review.
Commenting on John's decision to retire, Legal & General Chairman John Stewart said:
"John has been an outstanding member of the Board, and of Legal & General more broadly. His business achievements alone add up to a hugely successful career, but it is his combination of commercial acumen and commitment to customers that really set him apart. He not only firmly believes insurance is a force for good, but he has worked hard to make sure that this ethos is reflected in our products and services, and that all our employees share his vision. We all wish him well in his retirement.
Legal & General Group CEO Nigel Wilson added:
"It has been a privilege to work with John, who has been instrumental in making Legal & General the successful company it is today. He has ensured we have the right values and culture to back up our financial success, and he has led from the front in everything he has done, not least in delivering socially useful products and value for customers.
He has built a strong leadership team around him and with the long notice period he has given us this will allow us to implement a seamless succession.
John's passion for L&G is matched by his enthusiasm for playing rock guitar. He has been our Jimmy Page, providing the soundtrack to our success over many years along with many an inspired riff. We all wish him well as he moves towards retirement.
John Pollock said:
"Retiring from an organisation of L&G's stature is hard; the people and the culture are strong beyond description and the success we have achieved is impressive. I hope I have contributed to that culture and success and leave the Board with a company in better shape than when I joined it.
As part of a team you get to do your part (a bit like being in a band), but it is relentlessly the team that drives success. I have huge faith that L&G will continue to succeed and that the belief in "doing the right thingwill carry this company's great leadership culture onwards and upwards. We have a really great team and I will miss them.
Above all, it has been fun and to those who have been part of that inside and outside the company (you know who you are), you have my heartfelt thanks. Without passion, there is no fun, without fun there is no motivation and without motivation there is no progress. L&G has been a passion for me for 35 years and despite it being right for me to step away now, I know I will miss it.
INVESTORS:
Laura Doyle Investor Relations Director 020 3124 2088
Stephen Thomas Investor Relations Manager 020 3124 2047
MEDIA:
John Godfrey Group Communications Director 020 3124 2090
Richard King Head of Media Relations 020 3124 2095
|
distributed by
|
