Legal & General has named Nigel Wilson as the man to replace group chief executive Tim Breedon at the end of June.
Wilson joined Legal & General as group chief financial officer and a member of the executive board in September 2009. He will formally take over from Breedon on 30 June and, with immediate effect, is group chief executive designate.
His appointment is a break from the past 20 years as Breedon and his predecessor as CEO, David Prosser, both ran the investment part of the business before taking on the top group job.
At the end of June 2012, Breedon will take on an advisory role with the firm until the end of the year and among his tasks will be to lobby for what is described as “an appropriate outcome” in the UK on Solvency II.
Wilson’s interim successor as group chief financial officer will be Wadham Downing, currently the group’s financial controller, though a permanent successor is being recruited.