Phoenix appoints new executive management team post Standard Life deal

UK-based Specialist consolidator Phoenix Group has appointed a new executive management team that will manage the enlarged business upon completion of the Standard Life Assurance acquisition, which is expected in Q3 2018.

Susan McInnes, an existing member of the Phoenix executive committee, will be appointed as CEO of Standard Life Assurance and she will take up her new role at the Edinburgh office when the transaction completes. McInnes’ responsibilities 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. She is currently chair of the Association of British Insurers’ (ABI) long-standing customers committee, and as such plays a critical role in developing 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.

Jonathan Pears, currently chief risk officer at Standard Life, will replace McInnes as Phoenix Group chief risk officer on completion of the transaction.

John McGuigan, currently managing director, customer operations at Standard Life, will join as group head of customer; a new group function of the enlarged Group. McGuigan will retain his existing Standard Life Assurance responsibilities.

Andy Moss remains the CEO of Phoenix Life, and will oversee Phoenix’s traditional heritage business of closed-book activity.

Clive Bannister, CEO Phoenix Group commented: “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.”

Phoenix manages closed life funds with 5.6 million policyholders and £74 billion of life company assets. (as at 31 December 2017)

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