REG - Phoenix Group Hldgs - Directorate Change

Phoenix groupAnnouncement

09/03/2020 07:00

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RNS Number : 3593F  Phoenix Group Holdings PLC  09 March 2020

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:

 Media                                                            Investors
 Andy Donald and Vikki Kosmalska, Maitland                        Claire Hawkins, Head of Investor Relations, Phoenix Group

+44 (0) 203 735 0575
 +44 (0) 20 7379 5151

 Shellie Wells, Head of Corporate Communications, Phoenix Group

 +44 (0) 20 375 0922/ +44 7872 414137

 

 

 

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.

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