Legal & General (L&G), the FTSE-100 insurance and asset management group, is preparing to kick off a search for a successor to chairman Sir John Kingman.

Sky News has learnt that the company, which this week announced a major corporate deal in the US, is close to appointing headhunters to oversee the appointment process.

City sources said this weekend that Sir John was likely to step down from the L&G board and retire as chairman at its annual meeting next year.

That timetable will give the company, which will mark its bicentenary in just over a decade, about 15 months to identify and appoint its next chair.

It was unclear on Saturday whether any of L&G’s existing non-executive directors would be in contention for the role.

Sir John has become one of the City’s most prominent figures over the last decade, having been a surprise appointment in 2016 to replace interim chair Rudy Markham.

Since then, he has become chairman of Barclays’ UK ring-fenced bank subsidiary, which replaced an earlier role he held as chairman of Tesco Bank.

He also presided over a landmark review of audit regulation in the UK in the aftermath of accounting scandals at companies such as BHS and Carillion.

Prior to his career in business, Sir John was a long-serving Whitehall mandarin, playing a leading role to Britain’s response to the 2008 financial crisis.

Following the bailouts of Lloyds Banking Group and Royal Bank of Scotland – now NatWest Group – he was named the first chief executive of UK Financial Investments, the agency set up to manage the taxpayer’s bank stakes.

While in that role, he oversaw the effective defenestration of Sir Victor Blank as Lloyds’ chair – a move which stunned the City.

Following that, he moved to Rothschild as an investment banker.

For most of Sir John’s tenure as L&G chair, the company was run by Sir Nigel Wilson, who oversaw a big push by the company into financing urban regeneration projects across the UK, and expanding its pension risk transfer business.

Sir Nigel’s successor, the former HSBC and Santander executive Antonio Simoes, has announced a number of efforts to slim down the group’s operations.

He sold Cala Homes last year for £1.4bn, and on Friday announced the sale of L&G’s US insurance business to its partner, Japan’s Meiji Yasuda, for $2.3bn.

As part of the deal, Meiji Yasuda will also acquire a 5% stake in the FTSE-100 group.

L&G said it would expand its share buyback programme by £1bn once the deal closes.

L&G said in December when it announced a series of board changes that Henrietta Baldock, who was named senior independent director-designate, would “lead the Board succession process for the Chair”.

It has not made a public announcement about the timing of the recruitment process to replace Sir John.

On Friday, shares in L&G closed about 1.2% higher at 241.7p, giving the company a market capitalisation of £14.24bn.

An L&G spokesperson declined to comment further.

Volodymyr Zelenskyy has told Donald Trump “let’s do a deal” as he offered the US a partnership over Ukraine’s stores of rare earth and minerals.

Earlier this week, Mr Trump said he wanted Ukraine to supply the US with critical resources in exchange for financial support in its war with Russia.

In an interview with Reuters on Friday, Mr Zelenskyy said: “If we are talking about a deal, then let’s do a deal, we are only for it.”

While emphasising that Kyiv was not proposing “giving away” its resources, he said he was open to a mutually beneficial partnership to develop them jointly.

Ukraine-Russia war latest: Ukrainian forces seize land inside Russia

Rare earths are a group of 17 metals that are vital in the production of high-performance magnets, electric motors and consumer electronics.

Mr Zelenskyy touted the country’s reserves of titanium and uranium as Europe’s largest.

According to the World Economic Forum, Ukraine also has the potential to become a key supplier of lithium, beryllium, manganese, gallium, zirconium, graphite, apatite, fluorite and nickel.

Showing a map of Ukraine’s mineral deposits, he then said Russia currently has control of less than 20% of the country’s mineral resources – but that includes about half its rare earth deposits.

“Putin is not just grabbing them [minerals] along with the land, he is already thinking about how to get other partners in his alliance – North Korea, Iran… and he will give them access,” Mr Zelenskyy said.

“This is very rich land. This does not mean that we are giving it away to anyone, even to strategic partners. We are talking about partnership…

“Let’s develop this together, make money, and most importantly, it’s about the security of the Western world.”

The Ukrainian president added that Kyiv and the White House were discussing the idea of using the country’s underground gas storage sites to store American liquefied natural gas, calling it “very interesting”.

He also said he would like to discuss the US having priority when it came to rebuilding Ukraine, saying it would amount to “a lot of money for business”.

‘Not accepting Russia’s ultimatums’

He also insisted that Mr Trump must meet with him before he meets with the Russian president, “otherwise it will look like a dialogue about Ukraine without Ukraine”.

He added: “I don’t know what compromises can be discussed at the negotiating table, we have not reached that point…

“It is important for people to understand that Ukraine is negotiating, not accepting ultimatums from Russia.”

He also stressed Ukraine’s need for security guarantees from its allies as part of any settlement.

It comes as Mr Trump said he may meet with Mr Zelenskyy in the White House as early as next week. The two last met in New York in September last year.

Mr Trump also repeated his interest in meeting the Russian president with whom he said he always had a “good relationship”.

Speaking to reporters while meeting with Japanese Prime Minister Shigeru Ishiba, Mr Trump said: “I’d like to see it end, just on a human basis. I’d like to see that end. It’s a ridiculous war.”

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Mr Zelenskyy also told Reuters in his interview that thousands of North Korean soldiers have now returned to fight Kyiv’s forces in the Kursk region of Russia.

A Ukrainian special forces commander told Sky News last month that it appeared that North Korean troops had been temporarily pulled back from the frontline after heavy losses.

The commander, who went by the codename “Puls,” claimed the forces had been seen blowing themselves up with grenades rather than risk capture.