Legal & General Names Davies to Replace Gregory as Finance Chief

Legal & General Group Plc said Jeff Davies, a senior partner at Ernst & Young LLP, will replace Mark Gregory as the U.K. company’s chief financial officer after the publication of its 2016 preliminary results.

Gregory will step down from Legal & General’s board when Davies starts his new job, though he will stay at the company until Aug. 31, the company said in a statement on Thursday. Before joining Ernst & Young in 2004, Davies held a number of senior actuarial roles at Swiss Re Life & Health, according to the statement.

L&G, the U.K.’s largest manager of pension assets, in August reported a 3.6 percent increase in first-half operating profit, missing analysts’ estimates. The company led a sell-off among insurers after Britain’s decision to leave the European Union raised concerns that the industry’s $2.6 trillion of investments would fall in value. The shares have since recouped some of those losses and are down about 8 percent this year.

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