L&G hires Santander’s European head as its new chief executive

Insurer Legal & General has named Banco Santander’s European regional head, Antonio Simoes, as its new chief executive to replace longstanding boss Sir Nigel Wilson when he retires.

Mr Simoes will take up the post on January 1, with Sir Nigel remaining as chief executive until then and working on a smooth handover.

L&G said the appointment follows a “rigorous, global” hunt for a successor after Sir Nigel announced his plans to retire in January this year, having headed up the group since 2012.

Sir John Kingman, chairman of L&G, said: “Antonio brings a formidable leadership track record at the most senior level of financial services, working across complex, global organisations.

“In an excellent field, his energy, ambition and clarity of strategic thinking stood out, alongside his strong belief in the positive role that business should play in society.”

In his current role, Mr Simoes heads up Spanish bank Santander’s businesses in the UK, Spain, Portugal and Poland, working across retail and commercial banking, corporate and investment banking, wealth management and insurance.

He has held the post since September 2020.

Before joining Santander, he worked at HSBC for 13 years, including as chief executive of UK and Europe and latterly chief executive of global private banking.

He is a former McKinsey & Company partner.

Mr Simoes said he is taking over at L&G for an “important next chapter”.

He said: “This is a critical time for our industry, clients and customers, with emerging technologies, changing societal dynamics and wider economic forces presenting new challenges and opportunities that require all of us to adapt and evolve.”

Mr Simoes will be paid a salary of £1.2 million in his role at L&G and the group said his first pay review will take place in 2025.

He will be eligible for an annual bonus up to a potential £2.4 million and long-term incentive share awards worth a maximum £3.5 million each year, depending on performance.

L&G is one of the UK’s biggest institutional investors, with assets under management of more than £1.2 trillion.

Set up in 1836, it is valued on the stock market at around £15.6 billion.