L&G chief executive Sir Nigel Wilson to retire

The chief executive of L&G Sir Nigel Wilson, who is behind the insurance firm’s push into housing, is to retire. 

The firm’s board said it will now start a “rigorous process” to appoint a successor, considering internal and external candidates, with Wilson staying on until a replacement is found. 

The outgoing CEO, who last year told Housing Today about his optimism for L&G’s housing investments, said he had “mixed emotions” about his decision to retire as the group had been a “big part of my life”. 

He added: “It has been an honour and privilege to serve as chief executive of Legal & General over the past decade and I am deeply proud of everything we have achieved. 

“I firmly believe we have laid strong foundations to support the next phase of growth for the group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this.”

A spokesperson for L&G, on asked whether it would continue with its focus on housebuilding, told Housing Today: “We are not pointing to any change in strategy.”

Wilson’s vision for L&G was to take billions in pension liabilities that L&G looks after and invest them in real physical assets, including housing. L&G has a plan to build 10,000 homes per year – which would make it the UK’s fourth biggest housebuilder. 

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Chair of the board Sir John Kingman said: “The board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost fourteen years. He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.”

He said the board would now look for a successor who would “continue delivering on the group’s immense potential”.  Wilson will continue to “focus on delivering the current strategy of the group, supported by the executive team” while a successor is found, the firm said. It is expected the recruitment process would take around a year. 

Wilson joined the group in 2009 as chief financial officer and was appointed chief executive in 2012.

During his time he has delivered a shareholder return of more than 600% through significant growth in dividends, earnings per share and return on equity (ROE). 

>> See also L&G Affordable Homes’ ambitious plans for expansion

>> See also Brave, bold and ambitious: L&G steps up modular housing plans

L&G delivered an operating profit of £1,160m half the way through last year. 

The group’s modular homes business, L&G Modular Homes, announced at the end of last year it had agreed a joint venture with southern-based housing association Vivid to build 1,000 homes over five years.