REG - Phoenix Group Hldgs - Directorate Change

Phoenix groupAnnouncement

13/05/2024 07:00

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RNS Number : 0714O  Phoenix Group Holdings PLC  13 May 2024

LEI: 2138001P49OLAEU33T68

 

13 May 2024

 

Phoenix Group Holdings plc - Board Changes

 

The Board of Phoenix Group Holdings plc ("Phoenix" or "the Group") today
announces that Rakesh Thakrar will step down from his position as Group Chief
Financial Officer ("GCFO") at a date to be agreed in 2024.

Rakesh joined Phoenix in 2001 and held various strategic and finance positions within the Group, including Deputy Chief Financial Officer from 2014 before being promoted to GCFO in 2020.  Rakesh was central to the acquisitions which contributed to the Group becoming the UK's largest long-term savings and retirement business. More recently, he oversaw a number of successful projects including the integration of ReAssure, simplification of the strategic partnership with abrdn and acquisition of Sun Life Financial of Canada UK, as well as the introduction of a new financial framework reflecting the Group's continuing pivot toward growth.
The Board will initiate a formal process to find a permanent successor, considering both internal and external candidates.
In the meantime, Stephanie Bruce will join the Group on 17 June 2024 and will thereafter be appointed as Interim GCFO, subject to regulatory approval.  She will be reporting to Andy Briggs and will attend all Board meetings but will not become a statutory director of Phoenix. Rakesh and Stephanie will oversee an orderly handover ahead of him formally stepping down once her regulatory approval is confirmed. Further announcements will be made in due course.
Stephanie Bruce was Chief Financial Officer at abrdn plc until 11 May 2023 and was also a Non-Executive of Phoenix Group Holdings plc from 1 June 2022 until 11 May 2023. Previously, Stephanie was a partner at PwC where she led the Financial Services Assurance practice and was a member of the Assurance Executive. Stephanie is a member of the Institute of Chartered Accountants of Scotland and an associate of the Association of Corporate Treasurers.

Group Chief Executive Officer Andy Briggs said: "Rakesh has been a great
colleague and his counsel, knowledge and experience have been invaluable to
Phoenix over the course of his tenure.  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."

 

Rakesh Thakrar said: "I have enjoyed immensely my time with the Company over
the last 23 years and I thank all of the colleagues I have been fortunate
enough to work with. The Group is in a strong position today as it continues
on its journey from being a closed-book life consolidator to a purpose-led
retirement savings and income business. I look forward to overseeing the
transition to Stephanie and I wish Nick, Andy, the Board and all my colleagues
at the Phoenix Group every success for the future."

This announcement is made in accordance with Listing Rule 9.6.11R. Further
announcements will be made in accordance with the Listing Rules 9.6.11R,
9.6.12R and 9.6.13R.

 

 

Full details of Rakesh Thakrar's remuneration arrangements in connection with
him stepping down from the Board will be available on the Company's website in
compliance with Section 430(2B) of the Companies Act 2006 and will be
disclosed in due course in the Directors' Remuneration Report within the
Company's Annual Report and Accounts for the year ending 31 December 2024, and
subsequent years, as appropriate.

 

ENDS

 

Enquiries:

 Media                                                             Investors
 Douglas Campbell                                                  Claire Hawkins, Corporate Affairs Director, Phoenix Group

                                                                 +44 (0) 204 559 3161
 Teneo

                                                                 Andrew Downey, Investor Relations Director, Phoenix Group
 +44 (0)7753 136628

                                                                 +44 (0) 204 559 3145
 Shellie Wells, Corporate Communications Director, Phoenix Group

 +44 (0) 204 559 3031

 

 

 

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