Legal & General CFO steps down after eight years

(Sharecast News) - Legal & General's chief financial officer of eight years has handed in his resignation, the insurance, retirement and investment group announced on Tuesday. Jeff Davies, the former EY partner who has been CFO of L&G since 2017, will stand down from the board in December to "pursue a new opportunity", staying until the end of the year to ensure a smooth transition.

Throughout his tenure, Davies helped to "shape L&G's strategic transformation, overseen significant regulatory change including the implementation of IFRS17 and Solvency II and has played a key role in a number of the group's key strategic transactions and partnerships," L&G said in a statement. He has also led the Corporate Investments unit since last year, overseeing the divestment of non-strategic assets.

The head of its Institutional Retirement division, Andrew Kail, named as the company's new CFO, in line with its succession plans.

Kail joined L&G in 2021, having spent 30 years at PwC, initial as chief executive officer of L&G's Retail Retirement unit. He has also been CEO of L&G Assurance Society (LGAS) - the largest entity in the group - since the beginning of 2024.

"In Andrew we have an outstanding CFO designate with deep knowledge of the different businesses of L&G and the key drivers of its performance," said L&G's CEO António Simões.

"He is already a valued member of my leadership team and has played a pivotal role in developing and driving the group's growth strategy."