Legal & General restructures Assurance Society ahead of chief's exit
Legal & General (LGR) has unveiled plans to split the savings business of Legal and General Assurance Society in two ahead of the retirement of its chief executive in May next year.
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The FTSE 100 group said it was not planning to appoint a direct replacement for John Pollock, whose retirement was announced back in September, but said it would restructure the business, the main change of which would be to its savings business, which it plans to split into mature and digital.
Meanwhile, group protection will move from the corporate to the insurance division and the corporate defined contribution pensions platform will move inside LGR Investment Management.
The mature division, which consists of insured savings and with-profits, will be led by Jackie Noakes, who was previously the LGR Assurance Society chief operating officer and group IT director. Mike Bury, Retail savings manager, will assume responsibility for the digital sector.
LGR group chief executive Nigel Wilson said: "Legal & General builds scalable, customer focused, long-term businesses. John has championed this throughout his successful career.
"Today's changes will deliver scalability to our long-term businesses, good quality low cost products to our customers, and value to our shareholders. We remain focused on our clear and differentiated strategy of strong cash generation, organic growth and selective bolt on acquisitions."