L&G reportedly lines up Whitehall mandarin as new chairman

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.