LGV's Heywood steps down

According to a company spokesperson, Heywood has already retired from his role and is currently on gardening leave.

Heywood joined LGV in 1990 and was appointed as chief executive in May 2008, succeeding Adrian Johnson. He was previously an executive officer at PwC.

The senior reshuffle follows LGV's parent Legal & General's announcement that the private equity arm was to cease investing, focusing instead on winding down its existing portfolio. The decision was made following a strategic review of the insurer, which found private equity was not seen as a core function. However, Legal & General said at the time that the management of its portfolio would not change.

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