Chairman Appointment

RNS Number : 6061K

Phoenix Group Holdings

23 August 2012

 



Directorate Change

Phoenix Group appoints Chairman

Phoenix Group Holdings is pleased to announce the appointment of Sir Howard Davies as Chairman of the Phoenix Group, succeeding Ron Sandler with effect from 1 October 2012.

Howard Davies brings with him a wealth of relevant experience, including his current roles as a non-executive director at Prudential PLC and Morgan Stanley, his former role as a non-executive director of Paternoster UK Ltd and his chairmanship of the Financial Services Authority between 1997 and 2003.

Alastair Lyons, Senior Independent Director of the Phoenix Group, said "I am very pleased to be able to announce that Howard Davies will be joining us as Chairman to succeed Ron Sandler who indicated his intention to step down in March this year. He has a deep understanding of public company corporate governance and risk management, and a breadth of experience within Financial Services. The Board would like to thank Ron for his exceptional contribution to the Group over the last three years. During his tenure, the Phoenix Group has been transformed, being stabilised as a business and successfully listed on the London Stock Exchange, and has developed a clear vision of what it wants to achieve and how to get there. The Board wishes Ron all the best in the future."

Howard Davies said: "I am delighted to follow Ron Sandler as Chairman of the Phoenix Group. Phoenix is a leader in its specialist field and has demonstrated through its recent results a real track record of delivering on financial targets and making significant progress operationally. I look forward to working with Clive and his team to contribute to Phoenix's future success."

Ron Sandler, outgoing Chairman of the Phoenix Group, commented: "I am very happy that Phoenix has been able to attract someone of the calibre of Howard to be its next chairman. He has considerable relevant experience and his achievements speak for themselves. He is ideally placed to guide Phoenix successfully through its next phase of development."

Clive Bannister, Group Chief Executive of the Phoenix Group, said: "I am delighted that Howard has accepted the position of Chairman of Phoenix Group and my colleagues and I look forward to working with him. His intellect and judgement will be great assets. I would like to thank Ron for the integrity, personal guidance and leadership he has shown during his chairmanship and I wish him well for the future."

Sir Howard Davies' appointment has been approved by the Financial Services Authority.

Notes for Editors:

1.     Phoenix Group is the UK's largest consolidator of closed life funds with approximately 6 million policyholders and £71.6 billion of group assets under management at 30 June 2012.

2.     Howard Davies is a Non-executive Director and Chairman of the Risk Committees of Prudential PLC and Morgan Stanley. Howard Davies is also a member of the Audit Committees of both companies. Until 2010, he was also a director of Paternoster UK Ltd

3.     Recommendations of appointments to the Board are made by the Nomination Committee. For the purposes of this search, the committee was chaired by Alastair Lyons, as the Senior Independent Director.

4.     No other information is required to be notified under Listing Rule 9.6.13 R.

Further Information:

Media Neil Bennett, Maitland Peter Ogden, Maitland + 44 (0) 20 7379 5151

Investors Katherine Jones, Head of Investor Relations, Phoenix Group [phone]

 

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