"John’s grasp of complex financial markets was a hallmark of the UK government’s successful handling of the 2008-9 financial crisis."
The former Treasury Second Permanent Secretary, who was favourite to take up the role, will succeed Rudy Markham who has served as Interim Chairman since John Stewart’s retirement from the Board on 1 June.
The appointment has been approved by both the PRA and the FCA, and is subject to the advice of the Cabinet Office Advisory Committee on Business Appointments.
During Kingman's role as Second Permanent Secretary of HM Treasury, his responsibilities included serving as Managing Director of the Finance and Industry Directorate, and Managing Director of the Public Services and Growth Directorate. He was previously CEO of UK Financial Investments, with responsibility for managing the Government’s shareholdings in Lloyds Bank, Royal Bank of Scotland, and Northern Rock.
He has spent time in the private sector as a managing director of NM Rothschild, where he was global co-head of the Financial Institutions Group.
Rudy Markham, Interim Chairman, said: “John’s grasp of complex financial markets was a hallmark of the UK government’s successful handling of the 2008-9 financial crisis. 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.”
John Kingman added: “Legal & General is a great company. I am delighted to serve as its next Chairman, helping to generate value as part of a strong team and applying our collective skills on behalf of our shareholders and customers.”
