CEO to step down in the summer of 2019

RNS Number : 3915W

Direct Line Insurance Group PLC

01 August 2018

 

Direct Line Insurance Group plc

1 August 2018

The Board of Direct Line Insurance Group plc ("Direct Line Group") announces that Paul Geddes will step down as Chief Executive Officer in the summer of 2019, at which point he will have served in the role for 10 years.

Mike Biggs, Chairman, commented: "Paul has made a huge contribution to Direct Line Group and the Company is deeply indebted to him for his strong leadership. During his tenure Paul has been leading the management team which very successfully separated the business from The Royal Bank of Scotland Group, floated it on the London Stock Exchange and turned it into a successful FTSE100 company. We have a well-developed succession process which we will now deploy with the objective of ensuring that we have an excellent successor in place by the time Paul leaves next year."

Paul Geddes, Chief Executive Officer, commented:  "I have been privileged to lead Direct Line Group over a long period of transformation. It has been very exciting, and the company is in great shape to make further progress. I am grateful to the Board for their support and encouragement, and to the people of Direct Line Group who are as talented and diligent as any you could hope to work with. As I approach my tenth anniversary, it is right to put a successor in place to lead the company in the years ahead. In the meantime, we have a very busy and exciting agenda, which I look forward to delivering."

 -ENDS-

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