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Legal & General appoints former UK Treasury secretary

Legal & General has appointed Sir John Kingman, former second permanent secretary of HM Treasury, as group chairman.

Kingman succeeds Rudy Markham, who briefly served as interim chairman following John Stewart's retirement from the board on June 1 this year.

The appointment has already been approved by UK financial regulators, namely the Prudential Regulation Authority and the Financial Conduct Authority, but remains subject to the endorsement of the Cabinet Office Advisory Committee on business appointments.

At HM Treasury, Kingman served as managing director of the public services and growth directorate. He was also chief executive of UK government investments, including shareholdings in Lloyds Bank, the Royal Bank of Scotland and Northern Rock during the global financial crisis.

In a statement, Markham said Kingman’s grasp of the financial markets was fundamental to the UK government’s “successful” handling of the 2008/9 financial crisis, and this expertise will be crucial as the UK navigates its secession from the European Union.

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