REG - SAGA Plc - Directorate Change

SagaAnnouncement

28/11/2023 07:00

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RNS Number : 8208U  SAGA PLC  28 November 2023

28 November 2023

Directorate Change

Saga plc, the UK's specialist in products and services for people aged 50
and over, announces that, after four years with the business, Euan Sutherland
will be standing down as Group Chief Executive Officer. Following a thorough
internal and external process, the Board is pleased to announce that he will
be replaced by Mike Hazell, currently Group Chief Financial Officer. Mike, in
turn, will be succeeded by Mark Watkins, currently Group Chief Corporate
Development Officer.

Euan informed the Board of Saga earlier this year that he believed the time
was right time for him to stand down, allowing for the appointment of a new
CEO to take Saga onto the next phase of its development. After joining Saga in
January 2020, Euan stabilised the business, launched a new strategy and
significantly strengthened the leadership team. He steered Saga through the
COVID-19 pandemic and oversaw detailed work to strengthen the brand and
identify new income streams.

Mike, who joined Saga on 9 October 2023, has more than 25 years of
multi-sector experience in a variety of executive roles. Most recently Interim
CFO at The Co-op Group, he was previously Joint Chief Executive Officer of
Debenhams, the retail chain and had held senior roles at BSkyB and Pfizer.

Mark, a chartered accountant, has held a series of senior roles across
finance, strategy and investor relations in a 20-year career at companies
including Saga, Intertek, Secure Energy Services, Bovis Homes and Deloitte.

Mike and Mark, who have been working closely together since Mike's arrival at
Saga, will assume their new roles with immediate effect; Euan will stay on
until 31 January 2024 to support in the transition to new leadership.

Sir Roger De Haan, Non-Executive Chairman of Saga, said:

"I would like to thank Euan for the enormous contribution he has made to Saga
since he joined the business four years ago. His belief in the strength of the
Saga brand and the talent of our people was central to everything he has done
to stabilise this business and return it to profitable growth. We wish him
well for the next phase of his career.

"I am delighted that Mike is becoming Group CEO and that Mark is stepping up
into the role of CFO. These changes are the result of carefully managed
succession planning. Mike and Mark have the right skills and experience to
take Saga into the next phase of its development. The Board and I look forward
to working with them to further unlock the potential in this business and
deliver for our customers and our shareholders."

Euan Sutherland, Group Chief Executive Officer of Saga, said:

"I joined Saga because I was excited about working to strengthen a unique
British brand with a strong heritage, great people and a customer cohort that
was under served. I am very proud of everything we have achieved over the past
four years, particularly our work to strengthen the brand and to better serve
our customers with unique products and services. The time is right for someone
else to take Saga into the next phase of its development and I am delighted to
hand over to Mike and Mark, who I know will lead this business with passion
and determination."

Mike Hazell said:

"Saga is a unique business, with a strong brand, a committed workforce and an
exciting future. I am delighted to take over from Euan and will continue to
deliver against the Group strategy to maximise the performance of our existing
businesses and reduce debt. I look forward to working with Mark and the rest
of the executive team, the Board and all my wider Saga colleagues to take the
Group to the next phase of its development."

Additional Information

The effective date of resignation of Euan Sutherland as a statutory director
is confirmed as 28 November 2023.

There is no further information required to be disclosed pursuant to paragraph
LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.

For further information, please contact:

 

 Saga plc                                                    Tel: 07732 093 007

 Emily Roalfe, Director of Investor Relations and Treasury   Email: emily.roalfe@saga.co.uk (mailto:emily.roalfe@saga.co.uk)

 Headland Consultancy                                        Tel: 020 3805 4822

 Susanna Voyle                                               Tel: 07980 894 557

 Will Smith                                                  Tel: 07872 350 428

                                                             Email: saga@headlandconsultancy.com (mailto:saga@headlandconsultancy.com)

 

Notes to Editors:

 

Saga is a specialist in the provision of products and services for people over
50. The Saga brand is one of the most recognised and trusted brands in the UK
and is known for its high level of customer service and its high-quality,
award-winning products and services including cruises and travel, insurance,
personal finance and media. www.saga.co.uk (http://www.saga.co.uk/)

 

 

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