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NIGEL’S MADE PLANS
SQUARE MILE grandee Sir Nigel Wilson will step away from the top job at Legal and General (L&G) after more than a decade at the helm. Wilson, who became chief executive at L&G in 2012 after three years as chief financial officer, said the decision to leave was taken with “mixed emotions”. His tenure has been widely considered to be a success in the Square Mile, with a consistently strong financial
performance despite an occasionally challenging global climate. He will continue on in the role until a successor is found, a process the firm said would take around a year. He said he was retiring from “executive” life and he is highly likely to be sought after for nonexecutive board roles. “We’ve had some unbelievable challenges that we’ve had to go through,” Wilson said yesterday. “We’ve had Solvency II, we’ve had Brexit, we’ve had Covid-19 and the
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888 boss quits as firm starts VIPs inquiry CITY A.M. REPORTERS
CITY TITAN TO STEP DOWN FROM TOP JOB AT LEGAL AND GENERAL JAMES SILVER
QUEST ION ON OUR W EBSITE
Ukraine War to deal with. I feel very proud not just for myself but for the whole organisation of what’s been delivered over the past fourteen years,” he added. Analysts at Panmure Gordon suggested the announcement indicated an external search to find a replacement for Wilson, though tipped current CFO Jeff Davies as a potential internal replacement. L&G chair Sir John Kingman led the tributes to Wilson yesterday. “He is a world-class leader who has
worked with great passion and energy, and we have been very fortunate to have had his vision, drive and commitment,” he said. “Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the Group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people,” the chairman continued.
GAMBLING giant 888 yesterday saw its share price collapse after it informed markets that its CEO was leaving immediately, online revenues had fallen by double-digit percentages and it was launching an investigation into money-laundering controls related to VIP gamblers in the Middle East. Boss Itai Pazner stepped down with immediate effect yesterday, just two weeks after the firm’s chief financial officer also reached a “mutual” agreement to walk. “Following an internal compliance review, it has come to light that certain best practices have not been followed in regard to KYC (Know Your Client) and AML (Anti-Money Laundering) processes for 888 VIP customers in the Middle East region,” the firm said in a statement to markets yesterday. Accounts equivalent to “less than three per cent of group revenues” had been suspended. Labour peer Lord John Mendelsohn will step in on an interim basis. Shares of the Gibraltar-headquartered firm which owns a number of gambling brands tanked more than a quarter yesterday, finishing down 27 per cent. £ CONTINUED ON PAGE 3
Rio Tint-oh no! Mining giant misplaces radioactive capsule in Oz NICHOLAS EARL
Dangerk Radiation ris
RIO TINTO has lost a highly radioactive capsule somewhere in Western Australia – after it fell off a truck. The mining giant has apologised for the alarm it
has caused, and promised it was taking the incident “very seriously”. Rio Tinto’s iron ore chief executive Simon Trott said: “We recognise this is clearly very concerning and are sorry for the alarm it has caused in the Western
Australian community. The silver cylinder is smaller than a penny but contains caesium-137, a highly radioactive isotope. Authorities believe vibrations from the truck caused the density gauge’s screws to come loose, and
caused the radioactive capsule to fall out of the package and then out of a gap in the vehicle. The entire route is now expected to be searched until the missing unit is found, which is equivalent to the distance by road from John
O’Groats in Scotland to Land’s End in Cornwall. Specialist radiation detection equipment is being fitted to patrol vehicles that will drive the route. Curious Aussies have been told to stay away from the capsule should they find it.
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