Legal & General (L&G), the FTSE-100 Insurance and Asset Management Group, is preparing to launch a search for a successor to President Sir John Kingman.
Sky News has learned that the company, which announced this week an important company agreement in the United States, is about to appoint headhunters to supervise the appointment process.
City sources said this weekend Sir Joh should leave the L&G board of directors and retire as president at his annual meeting next year.
This calendar will give the company, which will mark its bicentenary in just over a decade, about 15 months to identify and appoint its next president.
It was not clear on Saturday if one of the existing non -executive directors of L&G would be in the running for the role.
Sir John has become one of the most important personalities in the city in the last decade, having been a surprise meeting in 2016 to replace the interim president Rudy Markham.
Since then, he has become president of the Barclays Ring-Feed-Fandded Bank subsidiary, who replaced a previous role which he occupied as president of Tesco Bank.
He also chaired a historical examination of audit regulations in the United Kingdom in the aftermath of accounting scandals in companies such as BHS and Carillion.
Before his business career, Sir John was a longtime Mandarin of Whitehall, playing a leading role in the response of Great Britain to the 2008 financial crisis.
Following Lloyds Banking Group and the Royal Bank of Scotland’s remedies – now Natwest Group – he was appointed first managing director of UK Financial Investments, the agency was set up to manage taxpayers’ banking stakes.
In this role, he supervised the effective defense of Sir Victor Blank as a Lloyds chair – a decision that amazed the city.
After that, he moved to Rothschild as an investment banker.
For the majority of Sir John’s mandate as president of L&G, the company was led by Sir Nigel Wilson, who supervised a great push by the company to finance urban regeneration projects across the United Kingdom and widen its retirement risk transfer activities.
Sir Nigel’s successor, the former director of HSBC and Santander, Antonio Simoes, announced a certain number of efforts to refuse the group’s operations.
He sold Cala Homes last year for 1.4 billion pounds Sterling and announced on Friday the sale of the US L&G insurance company to his partner, Meiji Yasuda in Japan, for $ 2.3 billion.
As part of the agreement, Meiji Yasuda will also buy a 5% stake in the FTSE-100 group.
L&G said that it would expand its 1 billion pound share buy -off program after the agreement is ended.
L&G said in December when he announced a series of changes in board of directors that Henrietta Baldock, who was appointed independent senior-dessignation director, “directs the succession process of the Board of Directors for the Chairman”.
He did not make a public announcement on the recruitment process calendar to replace Sir John.
Friday, L&G shares closed approximately 1.2% more to 241.7p, giving the company a market capitalization of 14.24 billion pounds Sterling.
An L&G spokesperson refused to comment more.