Legal & General (L&G) has appointed a former senior civil servant at the Treasury as its new chairman.
John Kingman was previously second permanent secretary of the Treasury. He stepped down from this position in April.
Earlier this month the Sunday Times reported Kingman was the frontrunner for the role, which includes an annual salary of £340,000.
L&G has now confirmed it has appointed Kingman as chairman.
Kingman worked at the Treasury during the 2008 financial crisis and was involved in the government bail outs of Northern Rock, Lloyds and Royal Bank of Scotland.
Rudy Markham, interim chairman of L&G said Kingman’s experience in financial difficulties would help the company through uncertainty following the Brexit vote.
‘John’s grasp of complex financial markets was a hallmark of the UK government’s successful handling of the 2008-9 financial crisis,’ he said.
‘This, plus his commitment to growth in the UK economy, will stand him in good stead at Legal & General as the UK navigates Brexit and as we continue to support economic growth which benefits our 10 million customers.’
Source: New Model Adviser