L&G chairman to retire from next week as search for successor continues
Legal & General chairman John Stewart is retiring from the business next week .
The insurance group, which previously announced that Stewart would be stepping down in November, said "the search is well advanced" for his successor and the individual would be named "in the coming weeks".
L&G added: "Given the very good progress made by the nominations committee in the search, the chairman has requested and the board has agreed that it is the appropriate time for him to step down."
Vice chairman Rudy Markham – who is heading the search for Stewart's replacement – will take the reins in the meantime. He currently chairs the remuneration committee and is the company's senior independent director.
"Rudy's long tenure on the board gives continuity to the company through the transition to a new chair," L&G said.
The announcement comes ahead of today's AGM, at which Markham will stand down as director, to be replaced by Julia Wilson. She will complete the search for Stewart's successor.
Stewart said: "Given the progress made by the nominations committee in identifying my successor, now is the right time for me to step down.
"I am immensely grateful for the support I have been given over the six years that I have been chair, from the board, the management team and staff of Legal & General. I wish the company every success in the next phase of its development."
Markham added: "The board is extremely grateful for the long period of notice that the chairman provided as this has enabled the nominations committee to undertake an exhaustive search process.
"The board has been very fortunate to have John's guidance, wisdom and stewardship over the last six years. We wish him all the best for his retirement."
Nigel Wilson, group chief executive, said: "Legal & General has a strong board, great people, a supportive culture that provides products that are economically and socially useful. This is a testament to John's leadership over the last six years.
"Rudy has also been a source of wise guidance and advice to the board over this period and I am delighted that he is able to step in for the interim period."