Top civil servant John Kingman, the former second permanent secretary at the Treasury, will take up his appointment as group chairman of Legal & General later this month, the insurance giant has announced.
The insurer said Kingman will lead the company board starting on October 26. Interim chairman Rudy Markham will stay as non-executive director until the firm’s annual general meeting in 2017.
“On behalf of the Board, I welcome John as our new chair… It has been my privilege to serve the board and company in a variety of roles during my tenure,” Markham said of the latest changes.
Kingman’s appointment was approved by the
Prudential Regulation Authority and the Financial Conduct Authority in June.
“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 in a statement earlier this year.
Previous reports said Kingman will earn £340,000 at L&G, which is more than twice his pay as Treasury secretary.
Kingman, an important figure in the bank bailouts during the financial crisis, announced his resignation from the Treasury in April after losing the permanent secretary post to Tom Scholar.
Markham said Kingman’s knowledge of complex financial markets was a “hallmark” of the UK government’s handling of the 2008 financial crisis.
“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,” Markham said in previous statement.
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