Legal & General goes for insider as FD to appease City watchdog
Monday 17 June 2013
Legal & General has ended its year-long search for a new finance director, having had its original choice blocked by the City regulator.
The company today revealed that Mark Gregory, head of its savings business, will take up the role next month as part of a wider revamp of its management team.
The group had originally hoped to appoint senior KPMG auditor Oliver Tant but is understood to have been told by the Prudential Regulatory Authority (PRA) that he did not have enough experience in the insurance industry.
John Pollock, currently head of the group’s protection and annuities business, will take charge of Gregory’s old beat. His annuities division will become a separate business led by Kerrigan Procter.
L&G had been on the hunt for a new finance director since Wilson was promoted to the top job last year.
It is understood that Tant walked away from the process when it became clear that the PRA believed he was unsuitable for L&G.
Reports have suggested that Tant is still likely to walk away from KPMG, having lost out on the top job at the firm to Simon Collins.
L&G declined to comment on this, but was keen to stress Gregory’s merits. During his time at the company’s savings business, he grew its operating profits from £7 million in 2008 to £133 million last year.
Chief executive Nigel Wilson said: “The successful turnaround of the savings business now enables us to reorganise our business in a way which best reflects customer needs and the increasingly digital distribution environment of RDR, auto-enrolment and platforms.
“Customers want straightforward access to our products and services and the new structure will enable us to deliver this and maximise the synergies between our businesses.”
Chairman John Stewart added: “I am delighted Mark has been appointed... his appointment shows the breadth and depth of talent in Legal & General.”
The shares today rose 1p to 171.9p.
- 1 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
'This is what Islam tells us to do': A rare glimpse inside a Saudi Arabian prison – where Isis terrorists are showered with perks and privileges
New theory could prove how life began and disprove God
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
This is what it's like to be dead, according to a guy who died for a bit
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
iJobs Money & Business
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...