Phoenix Group CFO to step down

(Sharecast News) - Savings and retirement group Phoenix has announced that its chief financial officer of four years is to step down later this year.

Rakesh Thakrar, who joined the company in 2001, has held various strategic and finance positions, including deputyy CFO from 2014 before being promoted to group CFO in 2020.

The company did not give a reason for his departure but said he will leave the company "at a date to be agreed".

Thakrar was said to have been central to the acquisitions that helped Phoenix become the UK's largest long-term savings and retirement business, including the 2020 purchase of life and pensions consolidate ReAssure and last year's takeover of Sun Life Financial Of Canada UK.

Phoenix is to appoint the former Abrdn CFO Stephanie Bruce as interim group CFO next month and Thakrar will stay on to ensure an orderly handover. The board said it will start a formal process to find a permanent successor and will consider both internal and external candidates.

"Rakesh has been a great colleague and his counsel, knowledge and experience have been invaluable to Phoenix over the course of his tenure," said chief executive Andy Briggs.

"We thank him for his significant contribution to the group's journey to become the UK's largest long-term savings and retirement business, which has included his oversight of a number of transformational projects. I am grateful to be working with him and Stephanie during the handover period and wish him every success for the future."