UK-based financial services firm Legal & General Group Plc (LGEN.L) Monday revealed the appointment of Nigel Wilson as Group Chief Financial Officer, effective September 1. Wilson replaces Andrew Palmer, who is retiring.
The company added that Palmer would retire from the Board with immediate effect, but would remain with the company until the end of the year to ensure a smooth handover.
Wilson joins Legal & General from United Business Media Plc, where he has been Chief Financial Officer since 2001, as well as Deputy Chief Executive Officer since last year. He was group finance director of Viridian Group Plc from 1996 to 2000, and became managing director of Viridian Capital in 1999.
Wilson's previous appointments include group finance director at Waste Management International Plc, chief executive, corporate, Guinness Peat Aviation, head of corporate finance and group commercial director of Dixons Group plc, managing director of Stanhope Properties plc and a consultant at McKinsey & Co. He is a senior Non-Executive Director and Chairman of the Audit Committee at Halfords Plc.
Palmer, the outgoing finance chief, has been a Board member at Legal & General since 1996, and Group Director (Finance) since 2001. Before assuming his current role, Palmer served as Group Director (Services) and Group Director (Corporate Business). He joined Legal & General in 1988.
Last month, the company, which is UK's second biggest insurer by assets, reported a wider loss for the first half, citing the weak economy and volatile investment markets. The company's loss attributable to equity holders of the company was GBP 71 million, compared to a loss of GBP 14 million in the previous year. Loss, on a per share basis, widened to 1.22 pence from 0.23 pence per share in the prior year. The company reported total revenues of GBP 1.44 billion, compared to negative revenue of GBP 13.79 billion in the previous year.
LGEN.L closed Friday's regular trade at 77.00 pence, up 1.30 pence or 1.72%, on 19.64 million shares.
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