Legal & General chief executive Nigel Wilson to retire

The chief executive of Legal & General, Nigel Wilson, is to retire after more than a decade leading Britain’s largest asset manager and insurance group. L&G, which manages £1.3tn worth of assets for clients including workplace pension schemes, is now on the hunt for a successor. The company said it would consider internal and external candidates to replace Wilson, who would stay in the role for the next year while recruitment was under way. Related: Ryanair reports bumper profits amid pent-up demand Investors appeared disappointed by the news, pushing L&G shares down 2.3% in early trading on Monday, the worst performer on the FTSE 100. “The market reaction suggests Wilson will be missed. The shares have made progress under his tenure as he has quietly got on with the job of creating a more coherent business,” Russ Mould, a director for the online investment platform AJ Bell, said. The 66-year-old, who was knighted for services to the financial industry last year, has been at the helm of L&G since 2012, after joined the company as chief financial officer in 2009. Under his leadership, L&G made large investments in regional projects including affordable housing, and pushed for big changes in government...

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