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(Alliance News) - Phoenix Group Holdings PLC on Friday said Chief Executive Clive Bannister will retire on March 10 next year after nine years of service.
The FTSE 100-listed insurance services provider said Bannister will be succeeded by Andy Briggs, who will join the business as CEO-designate at the start of 2020 in order to "effect a smooth handover".
Briggs was the chief executive officer of UK Insurance at London-headquartered Aviva PLC until earlier this year. Prior to that he served as CEO of insurer Friends Life, which is also a part of Aviva. He also was managing director of life insurance & pensions firm Scottish Widows, a subsidiary of Lloyds Banking Group PLC, and CEO of the Retirement Income division at Prudential PLC.
"Phoenix, its customers, colleagues and investors will benefit from the smoothest of successions between two great industry leaders and, with Andy as our future CEO, we will be in the best position to leverage the broad strategic platform that Clive has delivered," said Chair Nick Lyons.
"Clive has worked with great passion and energy during his nine years as CEO. He has led Phoenix in a period of sustained growth and success to its current position as the largest life and pensions consolidator in Europe and he leaves us, as a business, confident and assured," added Lyons.
Phoenix shares started Friday 1.4% lower at 708.80 pence each in London.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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