Current chief executive Breedon will step down in June

Legal & General Group has appointed Nigel Wilson as group chief executive.

Wilson, presently group chief financial officer, will replace current chief executive Tim Breedon, who leaves at the end of June.

Breedon will stay on at Legal & General until the end of the year as an advisor and lobbyist on issues such as Solvency II.

The board of Legal & General are still hunting for Wilson’s replacement, but group financial controller Wadham Downing will cover for him until they find one.

Legal & General chairman John Stewart said: “Tim has made an outstanding contribution to Legal & General, during his long service to the group.

“I am delighted that Nigel will be Tim’s successor.”

Breedon said: “It has been a great privilege to lead Legal & General for the last six and a half years. After 25 years service and with the company in excellent shape, I am pleased to hand over to Nigel a strong platform on which to take Legal & General forward.”

Wilson said: “I am honoured by the board’s confidence in me and excited by the challenges ahead as I take up the reins from Tim.”