Legal & General said that it would start a “rigorous process” to find a successor and would consider internal and external candidates.
Wilson will stay on in the role until the new chief executive starts to ensure a “smooth transition”, with the process expected to take around a year.
He joined the firm in 2009 as chief financial officer and was appointed to the role of chief executive in 2012.
According to Legal & General, during his tenure, the group has “delivered a consistently strong financial performance” with a total shareholder return of over 600 per cent fueled by growth in dividends, earnings per share and return on equity.
The company added that Wilson had carried out several strategic initiatives to grow and refocus the business and exceeded financial and operational targets.
Wilson has been a key figure in financial services, sitting on several government reviews including as chair of Investment Association’s review of the executive pay and the government’s review of Mission Led Business.
He was also a member of the government’s Patient Capital Review Industry Panel in 2017 and 2018, as well as the commission in the Resolution Foundation’s Intergenerational Commission in the same period.
Wilson has also chaired the Bank of England’s Climate Financial Risk Forum, Innovation Working Group and served on business councils for several prime ministers.
He is also a member of the government’s Levelling Up Advisory Council and the Life Sciences Industrial Strategy Implementation Board.
Knighthood for work in financial services
Wilson was knighted for his work in financial services and regional development in last year’s honours list.
Legal & General’s 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 fourteen 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.”
He continued: “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’s decision to announce his planned retirement from Legal & General now allows for an orderly process to appoint a new chief executive who can continue delivering on the Group’s immense potential”
‘Mixed emotions’
Wilson said: “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.”
He added: “I firmly believe we have laid strong foundations to support the next phase of growth for the group, with one of the most talented, collaborative and collegiate management teams in any industry to deliver this.
“I remain fully committed to delivering the current strategy of the group, in partnership with the executive team, and supporting the transition to a new chief executive.”
