Home Money Phoenix Group CFO to step down as insurer

Phoenix Group CFO to step down as insurer

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The FTSE 100 firm did not offer a reason for Thakrar's departure but said he will resign.
  • The FTSE 100 firm said Thakrar will resign ‘at a date to be agreed in 2024’
  • Stephanie Bruce will join in June and assume the role of Interim CFO

Phoenix Group has launched a search to permanently replace its chief financial officer, Rakesh Thakrar, who will step down in 2024 after four years in the role.

The FTSE 100 insurance group did not offer a reason for Thakrar’s departure but told shareholders he will resign “at a date to be agreed in 2024”.

Stephanie Bruce, former CFO of asset manager Abrdn, will take up the role on an interim basis on June 17.

The FTSE 100 firm did not offer a reason for Thakrar’s departure but said he will resign “at a date to be agreed in 2024”.

Bruce previously held positions as a non-executive director at Phoenix and as a partner at PwC, where she led the financial services assurance practice.

Andy Briggs, chief executive of Phoenix, said: “We thank (Thakrar) for his significant contribution to the group’s journey to becoming the UK’s largest long-term savings and retirement company, which has included his oversight of a number of transformation projects”. ‘

Last month, the company told investors it now expects to post profits of £900 million by 2026.

SunLife’s owner also wants to achieve £250m in annual cost savings over the same period and pay off £500m of its debts, which have been boosted by the group’s acquisition strategy.

The group, which specializes in acquiring and optimizing older portfolios of life insurance policies, has benefited from the burgeoning bulk annuity market in the UK, whereby insurance companies buy pension obligations from corporations seeking to reduce risks.

Britain’s bulk annuity market hit a record high of more than £50 billion last year and is expected to surpass that figure in 2024, as higher interest rates make it less expensive for plans to buy the sure.

phoenix stocks They were down 2.11 per cent at 509.50 pence in Monday morning trading.

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