Sir Nigel Wilson is to step down as chief executive of Legal & General after more than a decade in the role.

He will continue as chief executive until a successor is appointed.

The L&G board has commenced a rigorous process to appoint a successor considering both internal and external candidates. The recruitment process is expected to last a year.

Wilson, who was appointed as chief executive in 2012 having joined in 2009 as chief financial officer, will support a smooth transition following the appointment of his successor.

The 66-year-old former McKinsey consultant has been praised for delivering a consistently strong financial performance with a total shareholder return of over 600% driven by significant growth in dividends, earnings per share and ROE.

Wilson was knighted for services to the Financial Services Industry and Regional Development in the 2022 New Year’s Honours List.

Group chair Sir John Kingman said: “The board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost 14 years. He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.

“Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.

“Under his stewardship, the group has consistently delivered profitable, sustainable and inclusive growth. Nigel has been a tireless champion for investment-led growth and responsible investment.”

Nigel Wilson added: “Legal & General has been a big part of my life and my decision to retire from the group has been taken with mixed emotions. It has been an honour and privilege to serve as chief executive of Legal & General over the past decade and I am deeply proud of everything we have achieved.

“It has been a remarkable team effort by all my colleagues across the world. Without their unstinting efforts we would not have achieved the tremendous success we have. I have also benefitted hugely from the support of an outstanding board.”

Sir Nigel Wilson is to step down as chief executive of Legal & General after more than a decade in the role.

He will continue as chief executive until a successor is appointed.

The L&G board has commenced a rigorous process to appoint a successor considering both internal and external candidates. The recruitment process is expected to last a year.

Wilson, who was appointed as chief executive in 2012 having joined in 2009 as chief financial officer, will support a smooth transition following the appointment of his successor.

The 66-year-old former McKinsey consultant has been praised for delivering a consistently strong financial performance with a total shareholder return of over 600% driven by significant growth in dividends, earnings per share and ROE.

Wilson was knighted for services to the Financial Services Industry and Regional Development in the 2022 New Year’s Honours List.

Group chair Sir John Kingman said: “The board would like to take this opportunity to pay tribute to the outstanding contribution Nigel has made to Legal & General Group for almost 14 years. He is a world-class leader who has worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment.

“Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.

“Under his stewardship, the group has consistently delivered profitable, sustainable and inclusive growth. Nigel has been a tireless champion for investment-led growth and responsible investment.”

Nigel Wilson added: “Legal & General has been a big part of my life and my decision to retire from the group has been taken with mixed emotions. It has been an honour and privilege to serve as chief executive of Legal & General over the past decade and I am deeply proud of everything we have achieved.

“It has been a remarkable team effort by all my colleagues across the world. Without their unstinting efforts we would not have achieved the tremendous success we have. I have also benefitted hugely from the support of an outstanding board.”