Breedon to become L&G head in 2006

Tim Breedon will become Legal & General Group’s chief executive once David Prosser retires from his post later this year.

Having been the life insurer’s group director of investments for three years, Breedon will now begin the transition into his new role and become deputy chief executive from Jun 1st before becoming group chief executive in March 2006.

Breedon joined L&G 18 years ago and has worked his up through the investment division and joined the board of directors in January 2002, before today being appointed by the board to head the life company.Commenting on his appointment, chairman Rob Margetts, says:

“The Board undertook a very rigorous and thorough process in advance of reaching its decision. The importance of the role, which brings with it onerous fiduciary responsibilities has been fully recognised by the Nominations Committee, which has taken great care in making its choice from a group of excellent internal and external candidates.”

At the same time as L&G officials are praising Breedon for the work he has done over recent years, the proposed chief executive was also quick to highlight the work of his predecessor.

“David’s leadership of the company over 14 years has been exceptional and the foundations which he has laid combined with the management team which I shall inherit put us in a very strong position,” says Breedon.