Legal & General Group chairman John Stewart is to step down and retire next year after six years in the role.
Stewart assumed the chairmanship in 2010, taking over from Sir Rob Margetts, and will retire during 2016 once a successor has been appointed.
He was previously chief executive of Woolwich and National Australia Bank, and deputy chief executive at Barclays.
He says: “Legal & General is strategically and financially stronger than it was five years ago. It has a strong board, great people, first class ethics and a supportive culture, and provides products that are economically and socially useful.
“I feel we are now coming to a stage where the post-financial crisis work has been successfully delivered: the company is now focused on the right markets in the UK and internationally and well prepared for the transition to Solvency II.”
Group chief executive Nigel Wilson says: “John has provided terrific leadership over the last five years – his ‘inspired common-sense’ has made him a valued mentor not just to the board and me, but to the company as a whole.”