UK-based insurer Legal & General Group Plc (LGEN.L) Monday said Mark Gregory would be appointed as Group Chief Financial Officer with effect from July 1. The company also announced a new organization structure, reflecting its strategic evolution.
Gregory is currently Chief Executive Officer of the Savings business. He has been a member of the Board since January 2009. He has led the transformation of the Savings business into a capital light and efficient asset accumulation business. Gregory grew its operating profit from 7 million pounds in 2008 to 133 million pounds in 2012 and assets under administration climbed from 46 billion pounds in 2008 to over 100 billion pounds.
John Stewart, Chairman of Legal & General, said, "Mark has now successfully delivered the first stage of the Savings transformation and the Board is looking forward to working with him as CFO."
Nigel Wilson, Group Chief Executive, noted that Gregory has made a major contribution, having led the successful turnaround of the Savings business, implementation of the company's strategy for the post-RDR marketplace and auto-enrolment, and the acquisition of Cofunds.
Mark Gregory said, "I am excited about taking up the role of Group CFO. The Company is in a great position...I look forward to working with Nigel, Mark and John to leverage our financial strength to develop the business further."
Further, the insurer said John Pollock would assume responsibility for the Savings business from July 1, creating an integrated protection and savings business.
Mark Zinkula will be responsible for the unit trust business of Legal & General Investments, which will become part of Legal & General Investment Management or LGIM.
Further, the Annuities business will become a separate business division, led by Kerrigan Procter, who will report directly to Nigel Wilson.
Wilson said the successful turnaround of the Savings business has now enabled the company to re-organize its business, best reflecting customer needs and the increasingly digital distribution environment of RDR, auto-enrolment and platforms.
LGEN.L is currently up 0.4 percent in early trade at 171.60 pence.
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