Source - RNS
RNS Number : 7225S
Phoenix Group Holdings PLC
08 November 2019

LEI: 2138001P49OLAEU33T68




The Board of Phoenix Group Holdings plc today announces that Clive Bannister, the Group Chief Executive, will retire on 10 March 2020 following the publication of the Group's full year results and after nine years with the business. He will be succeeded by Andy Briggs, who will join the business as CEO- designate (subject to appropriate regulatory approval) on 1 January 2020 in order to effect a smooth handover. Andy Briggs will also be appointed to the Board of Phoenix Group Holdings plc from 1 January 2020 (subject to appropriate regulatory approval).


Clive joined Phoenix in February 2011. He leaves a business with an experienced senior executive team that has delivered on all of its financial and operational targets. He and the team have successfully navigated the fundamental changes and consolidation occurring within the life assurance and pensions industry. In that time the Group has achieved a total shareholder return of 179%, while assets under management have risen by 263% to £245bn, and the number of policyholders has risen by 67% to 10 million. He was the architect of a series of successful acquisitions, culminating in the £2.9 billion purchase of Standard Life Assurance in 2018; after which Phoenix became a constituent of the FTSE100 Index in March 2019.

Andy has over 30 years of insurance industry leadership experience. He was Group Chief Executive of Friends Life, the listed insurer, Managing Director of Scottish Widows, Chief Executive of the Retirement Income division at Prudential and Chairman of the ABI. Most recently he was CEO UK Insurance of Aviva plc until earlier this year. He is a Trustee and Chair of the Income Generation Committee of the NSPCC and also serves as the UK Government's Business Champion for the Ageing Society.  He is a qualified actuary.


The Board believes that the depth and breadth of Andy's industry knowledge is particularly relevant for Phoenix, where he will further develop the Group's Open businesses under the Standard Life & Sun Life brands.  He will strengthen its positioning in the Group's traditional Heritage and Bulk Purchase Annuity segments; and maintain its pre-eminence as Europe's leading Life Consolidator.


Nick Lyons, Phoenix Group Chairman said: "Clive has worked with great passion and energy during his nine years as CEO. He has led Phoenix in a period of sustained growth and success to its current position as the largest life and pensions consolidator in Europe and he leaves us, as a business, confident and assured. The Board would like to thank him for the tremendous contribution he has made. Phoenix, its customers, colleagues and investors will benefit from the smoothest of successions between two great industry leaders and, with Andy as our future CEO, we will be in the best position to leverage the broad strategic platform that Clive has delivered."

Clive Bannister said: "I am delighted to welcome Andy as CEO-designate. He is the ideal candidate who combines deep knowledge of the Open and Heritage life businesses, strong integration and M&A skills and a proven track record in driving a radical change agenda for major UK insurance businesses. I am proud of all that we have achieved and I'm confident that I leave the Group in good shape for my successor."

Andy Briggs said: "Clive has done an excellent job leading Phoenix, and the Standard Life acquisition is strategically transformational for the Group. I believe the business is uniquely placed for a truly exciting future, and I look forward to leading the next stage of the journey."


The only matters to notify in respect of Listing Rule 9.6.13R are Andy Briggs following director roles:

Aviva plc from 29 April 2015 to 24 April 2019

Friends Life Group Limited from 23 May 2013 to 9 September 2016






Andy Donald and Vikki Kosmalska, Maitland

+44 (0) 20 7379 5151


Shellie Wells, Head of Corporate Communications, Phoenix

+44 (0) 20 375 0922/ +44 7872 414137


Claire Hawkins, Head of Investor Relations, Phoenix Group
+44 (0) 203 735 0575



Andy Briggs will receive an annual salary of £800,000 and a pension allowance of 12% of salary, which is aligned to the pension allowance for the Group's workforce. He will be able to participate in the Company's existing annual incentive plan up to a maximum of 150% of salary and the long-term incentive plan, with an annual award of 275% of salary. These remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in May 2017. In addition, the Company will replace the in-flight awards granted by his former employer in March 2017 and May 2018 if they lapse. These awards will be replaced on a pro-rated basis and their vesting will be subject to the achievement of the former employer's original published performance targets. 


Any payments relating to the departure of Clive Bannister will be in accordance with the Remuneration Policy approved by shareholders.




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