Insurance giant Legal & General has appointed top British civil servant John Kingman as its group chairman, a job that reportedly comes with a £340,000 salary.
The appointment of Kingman, the former Treasury second permanent secretary, has received the approval of the Prudential
Regulation Authority and the Financial Conduct Authority.
His hiring is still subject to the advice of the Cabinet Office Advisory Committee on Business Appointments, the insurer said.
Kingman will succeed Rudy Markham, who has served as interim chairman following John Stewart's retirement from the company board on June 1.
“Legal & General is a great company. I am delighted to serve as its next Chairman, helping to generate value as part of a strong team and applying our collective skills on behalf of our shareholders and customers,” Kingman said.
Kingman was the frontrunner for the lucrative job at Legal & General, according to earlier media reports. News agencies including the Financial Reporter, The Times, The Telegraph, Daily Mail
and International Adviser
, said that the group chairman post will be a three-days-a-week role.
The reports said the job will have a £340,000 salary, which is more than twice Kingman’s £160,000 pay as Treasury secretary.
Kingman, an important figure in the bank bailouts during the financial crisis, also served as managing director of the finance and industry directorate and of the public services and growth directorate during his time at the Treasury.
He announced his resignation in April after losing the permanent secretary post at the Treasury to Tom Scholar.
“John’s grasp of complex financial markets was a hallmark of the UK government’s successful handling of the 2008-9 financial crisis,” Markham said of Kingman.
“This, plus his commitment to growth in the UK economy, will stand him in good stead at Legal & General as the UK navigates Brexit and as we continue to support economic growth which benefits our 10 million customers,” he added.
Kingman also previously served as CEO of UK Financial Investments, with responsibility for managing the Government's shareholdings in Lloyds Bank, Royal Bank of Scotland and Northern Rock
He was also a managing director of NM Rothschild, where he served as global co-head of the financial institutions group.
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