British insurer Legal & General has appointed former National Australia Bank boss John Stewart as chairman, it said on Wednesday, ending a search that has lasted almost a year.
A well-regarded financial services veteran, Stewart will become chairman designate in January before taking over from Rob Margetts, who has held the job for almost a decade, in March.
Stewart, widely trailed as the top contender for the job, was chief executive of mortgage lender Woolwich until its acquisition by Barclays , whereupon he became deputy CEO at the bank and head of personal financial services. He is credited with having sold the Woolwich at a hefty premium.
He was then chief executive of National Australia Bank (NAB.AX) for four years until 2008.
Stewart joins at a key time for the insurer, widely speculated to be in the sights of buyout group Resolution.
