Directorate Change

RNS Number : 8330A

Phoenix Group Holdings

08 February 2011

 



Phoenix Group Holdings appoints Clive Bannister as Group CEO

Phoenix Group Holdings, the UK's largest specialist consolidator of closed life funds, announces that Clive Bannister has joined the Group today as Group Chief Executive.  The Board has agreed with Jonathan Moss that this is the right time for there to be a change of leadership of the Company and the Board has accepted Jonathan's resignation as a Director of Phoenix Group Holdings with immediate effect.  Jonathan Moss will remain available to the Group until 31 July 2011 to ensure an orderly handover.

Clive Bannister is the former Group Managing Director of Insurance and Asset Management at HSBC, where he led the global insurance business and its 8,500 employees.  The insurance business generated profits before tax of $2.5bn in 2009, 18% of the total pre-tax profits for HSBC Holdings plc.  He also led HSBC Global Asset Management with 2,000 employees and assets under management of $426bn as at 31 December 2009.

Under the leadership of Jonathan Moss, Phoenix Group Holdings successfully completed a major financial restructuring, culminating in the Company obtaining a Premium Listing on the London Stock Exchange in 2010, with subsequent inclusion in the FTSE 250 Index.

In line with previous guidance, Phoenix Group remains on track to deliver on all its 2010 financial targets, including operating companies' cash generation at the top of its target range of £625-£725m.

Phoenix Group is now well positioned to concentrate on realising further value from within its existing business and through participation, in due course, in the further consolidation of the UK's closed life sector, which the company believes is inevitable given the upcoming changes in the regulatory and capital requirements for banks and insurance companies.  The Board believes that Clive Bannister's skills and experience make him ideally suited to leading Phoenix Group through the next stage of its development.

Ron Sandler, Chairman of Phoenix Group, said:

"We're delighted Clive will be joining us to lead Phoenix Group.  His experience at HSBC and his track record of success in achieving growth, speak for themselves. Clive has the leadership and strategic skills that are needed to realise the very considerable opportunities that we see for Phoenix Group, and to ensure that the interests of our six million customers are properly looked after.  The Board is very grateful for the commitment and leadership of Jonathan Moss through an extraordinary period for the Company and we wish him the very best in the future."

Clive Bannister said:

"I believe in the strength of the Phoenix Group's business model.  We are in an excellent position to improve service and returns for our policyholders through the further development and growth of our unique operating platform and thereby to realise value for shareholders.  There is still a great deal to be done, but I'm impressed by the talent and enthusiasm of the management team and motivated by the Board's commitment.  I'm excited to be joining Phoenix at a time when there is so much we can do to improve the prospects of policyholders and shareholders in the run-off of the closed life sector.  Phoenix Group has the potential to become one of the leading players in UK financial services and I very much look forward to playing my part in the realisation of that potential."

-ends-

Notes for Editors

1.     Phoenix Group Holdings is the UK's largest consolidator of closed life funds with 6 million policyholders and approximately £70 billion of assets under management.

2.     The Group's operating businesses delivered £716m of cash in the year ended 31 December 2009.

3.     Phoenix Group Holdings will announce its full year results for the year ended 31 December 2010 on 29 March 2011.

4.     Jonathan Moss will receive compensation in accordance with the terms of his service contract.

5.     Clive Bannister will be paid a salary of £700,000 p.a. and be eligible for the Group's bonus and LTIP schemes.  The notice period is 12 months on either side.

Further Information

Media:

Daniel Godfrey, Director of Corporate Communications, Phoenix Group

+ 44 (0) 20 7489 4517 (DD)

+ 44 (0) 7894 937 890 (Mob)

Investors:

Lorraine Rees, Head of Investor Relations, Phoenix Group

[phone] (DD)

[phone] (Mob)

 

END

 

 

BOAKDLFBFLFEBBZ