Legal and General chief financial officer Nigel Wilson will step into the role of group chief executive following the resignation of Tim Breedon in June, the company has confirmed.
Although he will formally succeed Mr Breedon from 30 June 2012, Mr Wilson has taken the title of group chief executive designate with immediate effect.
Mr Breedon will remain an employee of L&G until 31 December 2012, advising on activities including lobbying for a favourable outcome to Solvency II, L&G added.
Wadham Downing, group chief financial controller for the group, will take over as group chief financial officer until a permanent replacement is appointed.
John Stewart, chairman of L&G, said Mr Breedon “has made an outstanding contribution to Legal and General during his long service to the group. The board is particularly grateful to him for his excellent stewardship during his tenure as group chief executive”.
He added that Mr Wilson “will bring an evolutionary approach to the execution of the next stage of the group’s strategy and provide continued focus on delivering for our customers, business partners and shareholders.”
