Legal & General's divisional CEO to step down

Savings and investment provider Legal & General has announced that John Pollock, executive director and chief executive (CEO) of its assurance society division, will step down in May.

Having joined the firm in 1980, Pollock was appointed to the board in 2003 and has covered a variety of senior posts in IT and customer services, sales and the UK operations, throughout his career with the group.

"John has been an outstanding member of the board, and of Legal & General more broadly. His business achievements alone add up to a hugely successful career, but it is his combination of commercial acumen and commitment to customers that really set him apart,” said group chairman John Stewart.

As CEO of Legal & General Assurance Society (LGAS), Pollock played a pivotal role in helping the firm to grow its share of market in the UK retail protection business from 5% in 2000 to over 25% in 2014.

Pollock will step down at the next annual general meeting on 21 May.

"Retiring from an organisation of L&G's stature is hard; the people and the culture are strong beyond description and the success we have achieved is impressive,” said the outgoing CEO.

“I hope I have contributed to that culture and success and leave the board with a company in better shape than when I joined it.”

Legal & General shares were down 0.89% to 234.98 at 10:56 on Tuesday.