Legal & General chief executive stands down

22nd Sep 2011 07:13

Tim Breedon, chief executive of the insurance group Legal & General, is to retire from the company at the end of next year. Breedon, who is chairman of the Association of British Insurers, took up his current post at the start of 2006."It has been an absolute privilege to lead Legal & General, but by the end of 2012 I will have completed 25 years service with the company and will have been CEO for 7 years," he said. "With the company in excellent shape I feel that next year will be the right time to retire from the company."Chairman John Stewart described him as a "first class" chief executive."The company is in great shape and we are very appreciative of his excellent stewardship," he said.Legal & General said the process to appoint Breedon's successor will begin in "due course."---RG