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.
Emergency call 'started off dumb, but got pretty serious'
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Thought you'd seen it all after the Jeremy Paxman interview?
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
Diwali: What is the festival of lights – and how is it celebrated around the world?
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
£100 - 125k: Guru Careers: A CTO / Chief Technology Officer is needed to join ...