黑洞社区

The chief executive of L&G Sir Nigel Wilson, who is behind the insurance firm鈥檚 push into housing, is to retire. 

The firm鈥檚 board said it will now start a 鈥渞igorous process鈥� to appoint a successor, considering internal and external candidates, with Wilson staying on until a replacement is found. 

The outgoing CEO, who last year told 黑洞社区 about his optimism for L&G鈥檚 housing investments, said he had 鈥渕ixed emotions鈥� about his decision to retire as the group had been a 鈥渂ig part of my life鈥�. 

He added: 鈥淚t 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. 

鈥淚 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.鈥�

A spokesperson for L&G, on asked whether it would continue with its focus on housebuilding, said: 鈥淲e are not pointing to any change in strategy.鈥�

Wilson鈥檚 vision for L&G was to take billions in pension liabilities that L&G looks after and invest them in real physical assets, including housing. L&G has a plan to build 10,000 homes per year 鈥� which would make it the UK鈥檚 fourth biggest housebuilder. 

>> See also Why Nigel Wilson is persisting with L&G鈥檚 huge housing push

Wilson will continue to 鈥渇ocus on delivering the current strategy of the group, supported by the executive team鈥� while a successor is found, the firm said. It is expected the recruitment process would take around a year. 

Wilson joined the group in 2009 as chief financial officer and was appointed chief executive in 2012.

L&G delivered an operating profit of 拢1,160m half the way through last year. 

The group鈥檚 modular homes business, L&G Modular Homes, announced at the end of last year it had agreed a joint venture with southern-based housing association Vivid to build 1,000 homes over five years.