REG - Phoenix Group Hldgs - Directorate Change

Phoenix groupAnnouncement

06/11/2024 07:00

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RNS Number : 0696L  Phoenix Group Holdings PLC  06 November 2024

LEI: 2138001P49OLAEU33T68

 

6 November 2024

 

 

PHOENIX GROUP HOLDINGS PLC

 

 

The Board of Phoenix Group Holdings plc ("Phoenix" or the "Group") today
announces the appointment of Nic Nicandrou as its new Group Chief Financial
Officer (GCFO) elect and as an Executive Director of the Board, with effect
from 2 December 2024. Nic Nicandrou will be appointed GCFO subject to
regulatory approval. This appointment has been made following a comprehensive
process. Stephanie Bruce, Interim GCFO, will remain in role until such a time
that an orderly handover has been completed.

 

Nic Nicandrou has extensive financial services and executive leadership
experience within the FTSE 100, most recently from his role as Chief Executive
Officer of Prudential Asia & Africa, the largest division of Prudential
plc, having previously held the role of Chief Financial Officer of Prudential
plc for eight years. Formerly, Nic Nicandrou spent eleven years at Aviva plc
in various senior finance roles. Both his insurance and asset management
experience will be invaluable to the Group as it executes its strategy to
become the UK's leading retirement savings and income business and implements
its evolved financial framework.

 

Andy Briggs, Chief Executive Officer of Phoenix said: "I am excited to welcome
Nic Nicandrou to the Group as a member of the Board and Executive Committee
and I very much look forward to working with him. His broad sector experience
will be invaluable as we fulfil our purpose of helping people secure a life of
possibilities. I would like to thank Stephanie Bruce for her significant
support during the transition period and her professionalism and leadership
throughout."

 

Sir Nick Lyons, Chair of Phoenix said: "The Board is delighted to appoint an
individual of the calibre of Nic Nicandrou to the role of GCFO.  He will
complement our strong leadership team as we execute our strategy.  The Board
and I have enjoyed working with Stephanie Bruce again and thank her for the
invaluable contribution she has made."

 

Nic Nicandrou said "I am excited to be joining Phoenix, an ambitious group,
with a great team and a unique business. I look forward to working with Andy,
the broader management team and the Board to build the UK's leading retirement
savings and income business."

 

This announcement is made in accordance with Listing Rule 6.4.6.  There is no
further information required to be notified under Listing Rule 6.4.8 with
regard to Nic Nicandrou's appointment referred to above.

 

Enquiries:

 Media                                                             Investors
 Tom Murray                                                        Claire Hawkins, Corporate Affairs Director, Phoenix Group

                                                                 +44 (0) 204 559 3161
 Teneo

                                                                 Joanne Roberts, Investor Relations Director, Phoenix Group
 +44 (0)7813 166798

                                                                 +44 (0) 204 559 4673
 Shellie Wells, Corporate Communications Director, Phoenix Group

 +44 (0) 204 559 3031

Addendum

The Remuneration Committee considered the remuneration arrangements for Nic
Nicandrou and agreed that his remuneration should be set having regard to his
tenure as a FTSE100 Chief Financial Officer, in addition to his base salary in
previous global roles. He will be paid in accordance with the Remuneration
Policy approved by shareholders on 4 May 2023 (the "Policy") as set out in the
2022 Annual Report.

Nic Nicandrou will receive an annual base salary of £730,000 and an employer
pension contribution of 12% of salary per annum or 10.6% cash in lieu of
pension in line with the wider UK workforce.  He will be able to participate
in Phoenix's performance based Annual Incentive Plan (AIP), with a maximum
annual opportunity of 200% of base salary and the 2018 Long Term Incentive
Plan with an annual face value of 275% of base salary.   He will also
receive standard benefits in line with the wider UK workforce. The notice
period from either party is 12 months.  No compensation to Nic Nicandrou has
been made for any remuneration forgone from his previous employer.

Further details of Nic Nicandrou's remuneration will be disclosed as
appropriate in the 2024 Annual Report.

 

 

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