Legal & General lines up management shake-up - reports

Insurance giant looking to make a host of changes across business lines

Legal & General lines up management shake-up - reports

Insurance News

By Terry Gangcuangco

Legal & General Group Plc will welcome in 2018 with some major changes.

A report published by the London Stock Exchange said Legal & General Retirement chief executive Kerrigan Procter, who has headed the unit since 2013, will move to the firm’s investment business. Procter is replacing Paul Stanworth – who, according to the Financial Times, is leaving – as CEO of Legal & General Capital.    

Meanwhile Procter’s current post will be shared by two executives at the start of next year. Managing directors Chris Knight and Laura Mason have been appointed as CEOs for Legal & General Retirement Retail and Legal & General Retirement Institutional, respectively.

“These changes increase Legal & General’s capability to accelerate the growth of our business and maximise synergies between our divisions,” said Legal & General Group CEO Nigel Wilson, as quoted by Alliance News.

According to Legal & General, in the first half of the current financial year the retirement and investment units collectively contributed £708 million in operating profit.

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