Phoenix Group announced its new executive management team to manage the enlarged business upon completion of the Standard Life Assurance Limited acquisition, expected in the third quarter of 2018 subject to regulatory approval.
Susan McInnes, an existing member of the Phoenix executive committee, will be appointed CEO of Standard Life Assurance and will take up her new Edinburgh-based role when the transaction completes.
Standard Life Aberdeen shareholders on Monday approved the £3.24 billion sale of its insurance business Standard Life Assurance Limited to Phoenix Group — but Standard Life Aberdeen will have a 19.99% stake in Phoenix Group when the deal closes.
Phoenix said the responsibilities of McInnes will include “the management of all the open book and new business that the strategic partnership with Standard Life Aberdeen will bring to Phoenix.”
Having held a number of positions at Scottish Mutual and Abbey National, McInnes joined Phoenix in 2009.
She led Phoenix’s customer functions until earlier this year when she was appointed chief risk officer.
McInnes is currently chair of the Association of British Insurers’ Long-Standing Customers Committee, and as such plays a critical role indeveloping the ABI’s overall retirement and savings policy.
Jim McConville, Phoenix group finance director, will continue in this role, and take on additional responsibilities as group director, Scotland.
This role will involve providing oversight of Phoenix Group functions in Scotland as well as managing relationships with external local stakeholders.
Two Standard Life Assurance employees are joining the Phoenix executive committee — Jonathan Pears, currently chief risk officer at Standard Life, will replace McInnes as Phoenix Group chief risk officer, and John McGuigan, currently managing director, customer operations at Standard Life, will join as group head of customer.
Andy Moss remains CEO of Phoenix Life and will oversee Phoenix’s traditional heritage business of closed-book activity.
Reporting to Phoenix Group CEO Clive Bannister, this brings the total number of Phoenix executive committee members to 11.
Bannister said: “We are delighted to announce these important appointments which will strengthen the Phoenix management team.
“We are bringing the two firms together by utilising the respective strengths of both.
“I am especially delighted that Susan is to become the new CEO of Standard Life Assurance.
“She has played an important role with customers and regulators for Phoenix Life and her experience and leadership will deliver significant benefits to our new enlarged business going forward.”