Legal & General chairman John Stewart to retire next year
John Stewart, chairman of financial services company Legal & General, is stepping down after six years at the business.
In a statement today, Stewart said he will leave next year, once a replacement has been appointed.
"We are now coming to a stage where the post-financial crisis work has been successfully delivered: the company is now focused on the right markets in the UK and internationally and well prepared for the transition to Solvency II."
Before joining the FTSE 100 company in 2010, Stewart was non-executive director of the Financial Reporting Council. He was also deputy chief executive of Barclays between 2000 and 2003. He is currently a member of the Court of the Bank of England.
Nigel Wilson, chief executive of Legal & General, said: "John has provided terrific leadership over the last five years – his 'inspired common-sense' has made him a valued mentor not just to the board and me, but to the company as a whole.”
"Characteristically, his announcement gives us the opportunity to ensure a smooth succession process and transition to a new chair, and in the meantime we will continue to benefit from his wisdom and experience.
Shares in the company dropped slightly following the news, and are currently down 1.06 per cent at 261p.