BusinessPeople In BusinessL&G head of savings promoted to CFO

L&G head of savings promoted to CFO

Mark Gregory, head of L&G's savings business, becomes group CFO next month as part of a management reshuffle

THE MAN CREDITED with the turnaround of Legal & General’s savings business has been appointed as group chief financial officer of the UK life and pensions business.

Mark Gregory, head of L&G’s savings business, is to become group CFO next month as part of a management reshuffle as the company announced a new organisation structure to reflect its strategic evolution.

Gregory’s appointment fills the position left vacant since June last year when Nigel Wilson succeeded Tim Breedon as chief executive. He replaces Wadham Downing, who had been in the role on an interim basis.

According to reports in the Sunday Times, the City regulator had previously blocked its attempt to appoint KPMG’s Oliver Tant to the role amid concerns he lacked experience in the insurance industry.

Credited with the transformation of the savings business, Gregory grew operating profit from £7m in 2008 to £133m in 2012.

“The company is in a great position: with market leading products in attractive markets coupled with a strong balance sheet and growing and sustainable cashflows, resulting in strong dividend growth,” Gregory said.

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