New Legal & General CEO Antonio Simoes to Receive £7 Million Pay Package
Investment management giant Legal & General (L&G) has announced the appointment of former HSBC banker Antonio Simoes as the successor to its long-serving chief executive Sir Nigel Wilson.
Simoes, who currently leads the European arm of Spanish bank Santander, will take over as CEO of the FTSE 100 company starting next year.
At 48 years old, Simoes will become the first openly gay CEO of a FTSE 100 company. He resides in both London and Madrid with his husband and two children.
Sir John Kingman, chairman of L&G, stated, “Antonio brings a formidable leadership track record at the most senior level of financial services, working across complex, global organizations.”
New role: Antonio Simoes (pictured) who currently runs the European arm of Spanish bank Santander, will take over as chief exec of Legal & General at the start of next year
L&G shares fell 2.5% to 232p following the announcement. Simoes will receive a base salary of £1.175 million and a cash allowance of £117,500 in place of a pension. He could potentially earn another £5.9 million in bonuses, bringing his total package to over £7 million.
Simoes will also be compensated for any pay and bonuses given up at Santander.
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