Breedon identified as the next CEO for L&G |
|
|
|
Published
:
Fri, 27 May 2005 12:30
|
Legal & General (L&G) announced yesterday that it would be appointing the head of its fund management arm, Tim Breedon as the new chief executive to succeed David Prosser, next March.
Life insurer, L&G said that Breedon would be furthered to the post of a deputy chief executive next week, which would provide him an opportunity to function in alliance with Prosser, before the official allocation took place next year.
Breedon aged 47, has been working with the insurers for two decades now and was being looked at, since long, as the likely victor for the chief executive’s position in spite of L&G saying that it was considering suitable external candidates as well for the position.
| Breedon is known to have defeated finance director Andrew Palmer and head Robin Phipps internally to assume the chief executive’s position. Among the external candidates, Breedon surpassed Prudential insurance’s well-known head, Mark Wood, to win his chief executive title.
Working as the head of the fund management division of the company for about three and a half years now, Breedon clearly rejected all possibilities of him changing any plans of the company, as he was a follower of Prosser’s policies. He went on to state that even his appointment as the chief executive ought to be viewed as a part of the insurer’s strategy.
In his statement, Breedon candidly remarked, “There's a lot to learn from David. He's a fantastic CEO. We've got a long handover period, which is wholly good. The key message here is that this is all about continuity. There is no agenda for change.”
Praising Breedon’s performance and the board’s verdict, the chairman of L&G, Rob Margetts said, “The board undertook a very rigorous and thorough process in advance of reaching its decision. Tim has been a key member of our successful executive team for three years. He ... has an outstanding track record of building a remarkably successful and profitable business in L&G Investment Management and he was the unanimous choice of the board.”
L&G is further anticipated to nominate the head for the fund management arm, who will take on the responsibilities of Tim Breedon.
|
|
|
|
|
|
Print this Story
