Directorate Change

RNS Number : 2244L

Phoenix Group Holdings

04 May 2010

 



Phoenix Group Holdings appoints Group Finance Director-designate

Phoenix Group Holdings today announces that it is appointing Jonathan Yates as Group Finance Director-designate.  The Phoenix Group Holdings Board has accepted the resignation of Group Finance Director, Simon Smith who will remain in post until the handover of his responsibilities in the third quarter of 2010.  Jonathan Yates will start at Phoenix on 6 May and work closely with Simon Smith through the final stages of the proposed premium listing on the LSE and the Group's half year 2010 results.

Jonathan Yates, a qualified actuary, was Chief Executive of Life Assurance Holding Corporation (LAHC) and its subsidiary Windsor Life from 2004 to 2009, having been Finance Director from 2002.  Whilst leading LAHC he successfully completed eight major transactions including the sale of the business to Swiss Re in 2004 and the £750m acquisition of Barclays Life in 2008.

Ron Sandler, Chairman of Phoenix Group Holdings, said:

'We are delighted that Jonathan Yates is joining Phoenix as we continue with our transformation and position the business for the next phase of its development.  The Board would like to thank Simon for his long and significant contribution to the business.'

Simon Smith, Group Finance Director of Phoenix Group Holdings, said;

'As our 2009 results demonstrated, the business is now in good shape for the challenges ahead.  I have had twelve transaction-filled years with this business and having now completed the necessary preparations for Phoenix's premium listing on the LSE, I think this is the natural moment for me to move on to something new.'

Media:

Daniel Godfrey, Director of Corporate Communications, Phoenix Group

+ 44 (0) 20 7489 4517 (DD)

+ 44 (0) 7894 937 890 (Mob)

Andrew Grant, James Bradley, Mal Patel, Tulchan Communications

+ 44 (0) 20 7353 4200

Investors:

Lorraine Rees, Head of Investor Relations, Phoenix Group

[phone]

Notes to editors:

1.   Phoenix Group is the UK's largest consolidator of closed life funds with 6.5 million policyholders and £67 billion of assets under management

2.   The Group's operating businesses delivered £716m of cash and pro forma IFRS operating profits of £457m in the year ending 31st December 2009.

3.   Jonathan Yates joined LAHC as Development Director in 1992, being promoted to Finance Director in 2002 and Chief Executive in 2004.  He left LAHC in 2009.

4.   Phoenix Group has also appointed Rashmin Shah as Group Treasurer and Paul Miles as Deputy Finance Director and they will be joining in early July.  Rashmin Shah joins from Old Mutual where he has operated as Treasurer for the last 3 years and Paul Miles has worked as Group Financial Controller at RSA since 2008 before which he held a range of senior finance roles with the RSA group.    Together with the recent hire of Lorraine Rees as Head of Investor Relations, these appointments bring the senior management team of the finance function up to full strength.

 

END

 

 

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