(Alliance News) - Saga PLC has chosen former Superdry PLC boss Euan Sutherland as its new chief executive, the company announced Wednesday, amid a drive to improve performance.
Saga, which provides products and services to over 50s such as insurance and holidays, said Sutherland will be joining on January 6. He replaces Lance Batchelor, who will depart at the end of January.
Batchelor has been in charge of Saga since 2014, having previously led takeaway pizza company Domino's Pizza Group PLC.
"I am very pleased Euan is joining Saga at this important time in the development of the business. He has substantial experience across several consumer-facing businesses that will be invaluable as we continue the Saga transformation, with our customers at the heart of our strategy," said Saga Chair Patrick O'Sullivan.
Sutherland's most recent role was as CEO at fashion brand Superdry, but he left in April after a tussle with one of Superdry's founders Julian Dunkerton, who won a shareholder vote to get himself re-elected to the board.
Other previous positions include leading retailer and funeral services company Co-op Group and heading B&Q-owner Kingfisher PLC's UK business, as well as roles at Mars and Coca-Cola Co.
Sutherland's arrival follows, in mid-November, the appointment of Cheryl Agius as head of insurance operations and Gilles Normand as chief operating officer.
Saga is currently undergoing a change in strategy following a poor set of annual results for its year ended January 2019, unveiled in April. It warned at the time profit for its current year would fall well short of the prior year as a result.
The strategy shift will include refocusing on the "heritage as a direct-to-consumer brand", providing products and services customers cannot get elsewhere. A new approach to insurance, including the launch of a three-year fixed-price proposition, also forms part of the new plan.
"Alongside the recent appointments of Cheryl Agius as CEO of Insurance and Gilles Normand as COO, the board has every confidence in the team now in place to lead and accelerate Saga's turnaround strategy," said Chair O'Sullivan.
"On behalf of the board I would like to thank Lance for focusing on reinvestment over the last six years and for launching our membership scheme, Saga Possibilities, and wish him well for the future."
Saga shares were 1.7% higher on Wednesday morning in London at 48.18 pence each, though they have approximately halved over the past 12 months. The company listed in London in May 2014 at 185p.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Kingfisher (KGF)
Saga (SAGA)
Superdry (SDRY)