26th May 2005 07:03
Legal & General Group PLC26 May 2005 Appointment of new Group Chief Executive Legal & General Group Plc (Legal & General) today announces that its Board hasdecided to appoint Tim Breedon to succeed David Prosser as Group ChiefExecutive. Tim Breedon will become Deputy Chief Executive with effect from 1 June and GroupChief Executive on David Prosser's retirement. Rob Margetts, Chairman, commented "The Board undertook a very rigorous andthorough process in advance of reaching its decision. The importance of therole, which brings with it onerous fiduciary responsibilities has been fullyrecognised by the Nominations Committee, which has taken great care in makingits choice from a group of excellent internal and external candidates." "Tim has been a key member of our successful executive team for three years. Heis an exceptional individual with an outstanding track record of building aremarkably successful and profitable business in Legal & General InvestmentManagement and he was the unanimous choice of the Board." "Legal & General has achieved strong growth in both its investment managementand UK retail businesses over the last decade. This has been matched by goodprofit and dividend growth. I am confident that Tim is the right person to leadLegal & General to a further period of success." David Prosser said "Tim Breedon has been an invaluable member of the executiveteam which has delivered consistently for Legal & General. He has all thequalities required to be an excellent Chief Executive. Running a £167 billioninvestment management business brings heavy responsibilities, both operationaland fiduciary. Tim Breedon has shouldered these with ease and is entirely readyfor the step up which he will soon take. I know that in doing so he will haveboth the respect and the good wishes of his colleagues." Tim Breedon said "I am both delighted and honoured to have been chosen to leadLegal & General into its next phase of growth." "I have greatly enjoyed being part of the executive team which has achieved suchgreat success in growing our market share whilst maintaining an impressive levelof financial strength. I believe that with our winning culture, our customerfocus and the dedicated effort of all of our staff there is much more that wecan achieve." "David's leadership of the company over 14 years has been exceptional and thefoundations which he has laid combined with the management team which I shallinherit put us in a very strong position. We have the scale, the financialstrength, the strategy and the people to succeed and I firmly believe that isexactly what we will continue to do." For further information contact: Investors: Media: Peter Horsman John Morgan Head of Investor Relations Media Relations Director 020 7528 6362 01737 375353 Nicola Marshall Tony Carlisle Investor Relations Manager Citigate Dewe Rogerson 020 7528 6263 Mobile: 07973 611888 Notes to editors: Tim Breedon, who is 47, is married with three children Education Calthorpe Park comprehensive school, Fleet, Hampshire Farnborough 6th Form College Worcester College Oxford M.A. Modern Languages London Business School ( MSc Business Administration) Professional Experience 1981 - 1985 Standard Chartered Bank 1987 to date Legal & General Investment Management Ltd. Oct 1987 Manager Quantitative Products and Index Funds Jan 2000 Became Managing Director (Index Funds) Jan 2002 Became Group Director (Investments) Current Directorships include Legal & General Group Plc Financial Reporting Council Mithras Investment Trust Plc Arlington Securities Limited This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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