Phoenix Group Holdings Regulatory News (PHNX)

LEI: 2138001P49OLAEU33T68

PHOENIX GROUP HOLDINGS PLC - BOARD CHANGES

The Board of Phoenix Group Holdings plc today announces that Jim McConville, the Group Finance Director and Group Director Scotland, will be standing down on 15 May 2020 following the AGM and after eight years with the business. He will be succeeded by Rakesh Thakrar, current Deputy Group Finance Director, subject to appropriate regulatory and shareholder approvals.

Jim joined Phoenix in June 2012. During his tenure he has been a core member of the management team that has transformed the Phoenix Group, significantly strengthening its balance sheet, establishing a tradition of meeting or exceeding all its financial targets, and helping to deliver the group's transformative acquisitions of Standard Life Assurance in 2018 and the proposed acquisition of ReAssure Group plc, announced last December.

Rakesh is a qualified accountant and has been a long-serving member of the Phoenix Group, originally joining in 2001. He started his career at Canada Life after graduating in Economics from the University of Warwick. Rakesh has been Jim's deputy since 2014 and has been a member of the Phoenix Life Board since 2018.

The Board is delighted that Rakesh has accepted the opportunity to succeed Jim given his longstanding knowledge of the Phoenix Group and the long-term savings industry, and his proven skills in managing the Phoenix Group's finances. Jim's Group Director Scotland responsibilities will transfer to Susan McInnes, CEO Standard Life Assurance and Group Director, Open business.

Nick Lyons, Phoenix Group Chairman said: "Jim's authority and confidence have been a cornerstone of Phoenix's success in recent years and it is a mark of the man that he has helped prepare and develop his successor. The Board believes that Rakesh is a remarkable talent, with a deep and broad understanding of our business and its potential. He will form a perfect complement to our CEO-designate Andy Briggs, with whom he has already been working on strategic planning."

Jim McConville: "I am truly proud of my time at Phoenix and all we have achieved and I am delighted to be handing over the reins to Rakesh. He will serve this business well as it now has the opportunity to capitalise on its enormous strengths. I wish Andy, Rakesh and all the team every success."

Andy Briggs said: "Phoenix has a reputation for growing its own timber, so it is no surprise that a candidate of Rakesh's calibre is ready to become CFO. Rakesh has a profound understanding of the Life and Pensions business and the M&A expertise for which Phoenix is well known. I am looking forward to working closely with him."

Andy Briggs becomes CEO of Phoenix Group from 10 March 2020, having been CEO-designate since joining the Group in January 2020.

Mr Thakrar was a director of three of Phoenix's subsidiary dormant companies that were dissolved in 2018. There is no further information required to be notified under Listing Rule 9.6.13R.

Enquiries:

Addendum

Rakesh Thakrar will receive an annual salary of £420,000 and a pension allowance of 12% of salary, which is aligned to the pension allowance for the Phoenix Group's workforce. He will be able to participate in Phoenix's existing annual incentive plan up to a maximum of 150% of salary and the long-term incentive plan, with an annual award of 200% of salary. These remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in May 2017.

Any payments relating to the departure of Jim McConville will be in accordance with the Remuneration Policy approved by shareholders.