Phoenix Group Holdings plc, parent of Standard Life, announced the appointment of former Prudential plc executive Nic Nicandrou as its new group chief financial officer (GCFO) elect and as an executive director of the board, with effect from December 2, 2024.
Nicandrou will be appointed GCFO subject to regulatory approval.
Stephanie Bruce, interim GCFO, will remain in the role “until such a time that an orderly handover has been completed.”
The other brands of Phoenix include SunLife, Phoenix Life and ReAssure.
Nic Nicandrou
Nicandrou will receive an annual base salary of £730,000 and an employer pension contribution of 12% of salary per annum or 10.6% cash in lieu of pension in line with the firm’s wider UK workforce.
He will also be able to participate in Phoenix’s performance based Annual Incentive Plan (AIP) “with a maximum annual opportunity of 200% of base salary and the 2018 Long Term Incentive Plan with an annual face value of 275% of base salary.”
Phoenix Group said: “Nic Nicandrou has extensive financial services and executive leadership experience within the FTSE 100, most recently from his role as Chief Executive Officer of Prudential Asia & Africa, the largest division of Prudential plc, having previously held the role of Chief Financial Officer of Prudential plc for eight years.
“Formerly, Nic Nicandrou spent eleven years at Aviva plc in various senior finance roles. Both his insurance and asset management experience will be invaluable to the Group as it executes its strategy to become the UK’s leading retirement savings and income business and implements its evolved financial framework.”
On Nicandrou’s remuneration package, Phoenix said: “The Remuneration Committee considered the remuneration arrangements for Nic Nicandrou and agreed that his remuneration should be set having regard to his tenure as a FTSE100 Chief Financial Officer, in addition to his base salary in previous global roles.
“He will be paid in accordance with the Remuneration Policy approved by shareholders on 4 May 2023 as set out in the 2022 Annual Report.
“Nic Nicandrou will receive an annual base salary of £730,000 and an employer pension contribution of 12% of salary per annum or 10.6% cash in lieu of pension in line with the wider UK workforce.
“He will be able to participate in Phoenix’s performance based Annual Incentive Plan (AIP), with a maximum annual opportunity of 200% of base salary and the 2018 Long Term Incentive Plan with an annual face value of 275% of base salary.
“He will also receive standard benefits in line with the wider UK workforce. The notice period from either party is 12 months. No compensation to Nic Nicandrou has been made for any remuneration forgone from his previous employer.
“Further details of Nic Nicandrou’s remuneration will be disclosed as appropriate in the 2024 Annual Report.”
Phoenix CEO Andy Briggs said: “I am excited to welcome Nic Nicandrou to the Group as a member of the Board and Executive Committee and I very much look forward to working with him.
“His broad sector experience will be invaluable as we fulfil our purpose of helping people secure a life of possibilities. I would like to thank Stephanie Bruce for her significant support during the transition period and her professionalism and leadership throughout.”
Phoenix chair Nick Lyons said: “The Board is delighted to appoint an individual of the calibre of Nic Nicandrou to the role of GCFO. He will complement our strong leadership team as we execute our strategy. The Board and I have enjoyed working with Stephanie Bruce again and thank her for the invaluable contribution she has made.”
Nicandrou said “I am excited to be joining Phoenix, an ambitious group, with a great team and a unique business. I look forward to working with Andy, the broader management team and the Board to build the UK’s leading retirement savings and income business.”