Appointment of CEO

Direct Line Insurance Group PLC

30 August 2023

 

This announcement contains inside information. 

DIRECT LINE GROUP ANNOUNCES APPOINTMENT OF ADAM WINSLOW AS GROUP CHIEF EXECUTIVE OFFICER

Direct Line Group (The Group) is pleased to announce that Adam Winslow is to be appointed as Chief Executive Officer of the Company, subject to regulatory approval. It is expected that he will take up the role as Direct Line Group Chief Executive Officer in Q1 2024 succeeding Jon Greenwood who has been Acting CEO since January 2023.

Since May 2021 Adam Winslow has led Aviva's UK and Ireland general insurance business developing a clear strategy for both personal and commercial lines which has delivered market share expansion and improved profitability. Prior to this he was CEO of Global Life at AIG Life and Retirement (now Corebridge) having successfully held a number of general insurance and life insurance roles in his eight years at AIG. Adam serves on the Board of the Association of British Insurers and is a non-executive director at Pool Re.  Throughout his career his commitment to delivering for customers has been a clear focus, as has his energy and passion as a leader.  

Jon Greenwood will remain as Acting CEO until Adam Winslow joins, continuing to focus on improving business performance. Jon chose not to pursue the role of CEO in order to develop a portfolio career. Jon will work with Adam when he takes up the CEO role, to ensure a smooth handover and transition. After this, as planned, Jon intends to step back from his executive career and pursue other opportunities, including non-executive roles.

Danuta Gray, Chair of Direct Line Group, said:

"The Board is delighted to announce that Adam Winslow is to be our new CEO. Adam has deep expertise in the UK general insurance market and significant leadership experience, spanning two decades across personal and commercial lines insurance. The Board conducted an extensive search and Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high performing businesses and his focus on driving operational excellence to consistently meet customer needs.        

"The Board and I look forward to working with Adam in providing high-quality insurance to our customers through our platform of powerful brands and targeting attractive and sustainable returns for shareholders. I would like to thank Jon Greenwood for stepping up as Acting CEO where he has shown commitment, leadership and focus to improve business performance and for his leadership of the successful commercial function before that."

Adam Winslow, CEO designate of Direct Line Group, said:

"Direct Line Group is one of the UK's leading insurers with some of the most recognisable brands in the retail and commercial market. It's a privilege to be invited to lead DLG into the future, particularly given its rich heritage and passion for serving its millions of customers. 

The UK insurance industry is dynamic and always evolving. Delivering great customer service relies on strong strategic vision and the operational capability to execute quickly across a variety of distribution channels. I'm looking forward to working with my new colleagues to drive growth, deliver for customers and create long-term shareholder value." 

Adam Winslow will receive an annual salary of £820,000 and a pension allowance of 9% of salary, which is aligned to the pension allowance for the Group's workforce. He will be able to participate in the Company's annual incentive plan and long-term incentive plan, consistent with the terms of the Directors' Remuneration Policy approved by shareholders.

There are no details to disclose relating to Adam Winslow under Listing Rule 9.6.13R

This announcement contains inside information.  The person responsible for arranging the release of this announcement on behalf of the Company is Neil Manser, Chief Financial Officer.

ENDS  

Alan Oliver 

Corporate Communications

Tel: [phone]

Paul Smith 

Director of Business Performance, Reporting and Investor Relations 

Tel: [phone] 

 

END