Legal & General Group Plc (“L&G”) today announced planned senior management changes to ensure smooth succession in several key roles at divisional CEO and Executive Committee level. The changes will be implemented between now and mid 2021 to ensure an organised transition for individuals involved.
29 Sep 2020
Andrew Kail will be joining L&G as CEO of the LGRR (Legal & General Retail Retirement) Division in 2021. Andrew joins from PwC where he had worked for 30 years and was a senior audit partner and Head of the firm’s Financial Services Practice. He brings huge financial sector experience as well as expertise in regulation, risk and technology. Andrew will be able to take forward the division in the next stage of its mission to deliver the best retirement products and solutions to both UK and international consumers.
Andrew will take over as CEO of LGRR from Chris Knight, who will become Group Chief Risk Officer, subject to regulatory approval. Chris has over 30 years of experience in the financial services industry both in the UK and internationally. He joined L&G in 2009 and has been CEO of LGRR since 2017, during which time the division has expanded its annuity propositions and become a leading provider of Lifetime Mortgages. Chris has also served as L&G’s Customer Champion, representing retail customers’ interests across the whole product range.
As CRO, Chris will take over from Simon Gadd, who has held that position since 2013. Simon joined L&G as a graduate 34 years ago, qualified as an actuary in 1991 and held a series of senior management positions within L&G prior to becoming CRO. Simon will be stepping back from his executive role next summer to allow for a managed transition to Chris and will thereafter be available to L&G in an advisory capacity.
Commenting on the changes, CEO Nigel Wilson said: “L&G’s top management team is a terrific asset to the company. Andrew knows us well, and we have huge respect for his sector knowledge, commercial acumen and leadership skills. I am delighted he has chosen to join L&G.
I’d like to thank Simon for his service to L&G throughout his career and for the discipline and insight he has brought as CRO. We are very pleased that we will not be losing Simon’s expertise. Chris, having successfully moved LGRR forward in recent years, will be a strong successor in this vital function. Characteristically, L&G has taken these steps in a very measured way to ensure a seamless handover.”
All appointments are subject to regulatory approval.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
Legal & General Retail Retirement’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’. The Division comprises the Group’s retirement savings and income, later life lending and care solutions businesses. In 2020, LGRR wrote £910 million of annuity premiums and issued £791 million of lifetime and retirement interest only mortgages.
*at 31 Jun 2021