Legal & General Investment Management has promoted from within its ranks to replace exiting CFO Siobhan Boylan.
The asset manager announced on Monday that Richard Lee (pictured), group performance director for parent company Legal & General, would be taking up Boylan’s post when she leaves to become Brewin Dolphin’s finance director in early 2019.
News of her departure in August dealt another major blow to the firm weeks after a trio of internal whistleblowers alleged the fund group was fostering a “toxic” risk culture that has potentially cost clients millions of pounds.
At the time she announced her exit Boylan described LGIM as a “dynamic business with a strong team culture” and said she felt “privileged to have been a part of it”.
She had been in the role for over five years.
Replacement CFO
Her replacement Lee has been with LGIM since 1997. He has held a variety of roles at the firm, including chief financial officer and chief risk officer in L&G Retirement. In his most recent role as group performance director for L&G he was responsible for driving financial performance across the retirement, insurance, investment management and capital divisions.
LGIM CEO Mark Zinkula said Lee was “ideally suited” for the job, adding that his broad experience across the business would come in handy as LGIM continues to expand its presence in the UK and internationally.
The senior level shake-up will see group capital director Michael Rallings move into Lee’s role. In his new role Lee will report to Zinkula.
Commenting on his appointment, Lee said: “It has been a rewarding and fulfilling experience working for such a dynamic company over the past 20 years. I am looking forward to embarking on this new opportunity at an exciting time for LGIM, and asset management in general, which is continuing to innovate as the industry evolves in response to changing client needs.”
The appointment is still subject to regulatory approval.
