CGNU Makes New Life Apptmnts
CGNU PLC
28 June 2002
CGNU MAKES NEW LIFE APPOINTMENTS
CGNU announced today that Philip Scott, a Group Executive Director, is to
broaden his current role by increasing his participation in the group's
continental European operations. This change reflects the increasing
importance of these markets to the group. In 2001, they accounted for
43 per cent of CGNU's total net life and pensions premiums and offer
exciting growth potential for the future.
Philip will retain his group board responsibilities for the UK Life business
and will become Executive Chairman of Norwich Union Life, where he is
currently Chairman and Chief Executive. In addition, he will work more
closely with the board of Delta Lloyd, the group's Netherlands-based
business, and join the board of CGU France.
CGNU Group Executive Director, Tony Wyand, will retain overall responsibility
for the group's continental European businesses. The composition of the CGNU
board remains unchanged.
In recognition of Philip's expanded role, Gary Withers will become Chief
Executive of Norwich Union Life and take operational responsibility for this
business. Gary, who joined CGNU in May 2001 as Group Strategy and Development
Director, has held senior management positions at Merrill Lynch Investment
Managers, Mercury Asset Management and McKinsey.
The appointments are effective 1 September 2002 and are subject to the
relevant regulatory approvals.
Commenting today, Richard Harvey, CGNU's Group Chief Executive, said:
'This move recognises CGNU's unique position in the pan-European life market
and its potential for growth. Philip is one of the life industry's leading
experts and his new role places him at the heart of the pan-European
financial services growth industry.
'Since joining CGNU last year, Gary has made a significant contribution and
his considerable experience in financial services will help take our UK life
business forward strongly. I am delighted to be able to strengthen the team
in this way by bringing new talent into the UK life company whilst retaining
continuity.'
Enquiries:
Analysts/Investors:
Steve Riley, Investor Relations Director +44 (0)20 7662 8115
Media:
Hayley Stimpson, Director of External Affairs +44 (0)20 7662 7544
Alex Child-Villiers, Financial Dynamics +44 (0)20 7269 7107
Notes to editors:
* CGNU is the UK's largest insurance group, one of the top-five insurers in
Europe and has substantial positions in other markets around the world.
CGNU is the world's seventh-largest insurer based on gross worldwide
premiums.
* CGNU's principal business activities are long-term savings, fund management
and general insurance, with worldwide premium income and retail investment
sales from ongoing business of more than £28 billion, and over £200 billion
of assets under management at 31 December 2001.
This information is provided by RNS
The company news service from the London Stock Exchange
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