L&G chief executive Tim Breedon to retire

Legal and General chief executive Tim Breedon is to retire from the firm at the end of next year.

Breedon joined L&G in 1987 and became group chief executive in January 2006. L&G says a successor will be appointed in due course.

Breedon was also appointed chairman of the Association of British Insurers in July 2010, replacing Archie Kane.

Breedon says: “It has been an absolute privilege to lead L&G, but by the end of 2012 I will have completed 25 years service with the company and will have been chief executive for seven years. With the company in excellent shape I feel that next year will be the right time to retire from the company.”