Legal & General is lining up a senior Treasury civil servant as its new chairman, the Daily Mail reported.
John Kingman, who is acting permanent secretary at Number 11 and played a key role in the bank bailouts during the financial crisis, is said to be the favourite to become the new chairman of Legal & General.
The newspaper said that the job comes with a £340,000 salary – more than doubling Kingman’s £160,000 pay package at the Treasury.
The report comes just a week after the L&G chairman John Stewart retired.
The Treasury and L&G have declined to comment, but the Daily Mail reported “insiders” said the selection process is still ongoing with several other potential candidates.