The appointment is subject to regulatory approval.
Simoes joins from Banco Santander where he has been regional head of Europe since September 2020, leading the bank’s businesses in the UK, Spain, Portugal and Poland. He worked across the retail and commercial banking, corporate and investment banking, wealth management and insurance sectors.
Before he was at Santander, Simoes worked at HSBC for 13 years in roles such as CEO of UK and Europe, then CEO of global private banking.
Simoes will take up the position on 1 January 2024 and Wilson will remain chief executive in the interim. When appointed, Simoes will join the L&G board and Wilson will step down.
Wilson will work with Simoes during a handover and transition period.
Sir John Kingman, chair of L&G, said: “The board is delighted to appoint Antonio as group CEO designate. Antonio brings a formidable leadership track record at the most senior level of financial services, working across complex, global organisations. In an excellent field, his energy, ambition and clarity of strategic thinking stood out, alongside his strong belief in the positive role that business should play in society.
“I look forward to working with Antonio to ensure that Legal and General continues to deliver on its enormous potential for our shareholders, employees, customers and the communities of which we are a part. I would also like to reiterate my thanks to Nigel who I know will continue as ever to show relentless commitment to Legal and General. We have a first-class executive team, and the board is delighted with the progress they continue to drive against our strategy.”
‘Proud to be appointed group CEO’
Simoes said: “Legal and General is a great company with an iconic, highly respected brand, strong financial track record and a deep-rooted commitment to social purpose. I’m proud to be appointed as group CEO to build on the success of Nigel and the team.
“This is a critical time for our industry, clients and customers, with emerging technologies, changing societal dynamics and wider economic forces presenting new challenges and opportunities that require all of us to adapt and evolve.
“I look forward to working with the board and an exceptional team of colleagues to shape this important next chapter; delivering market leading solutions, sustainable shareholder value, and an enduring positive impact on society.”
