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Former Scottish Widows boss to take helm of insurance group



Former Scottish Widows boss Andy Briggs is to replace Clive Bannister as chief executive of insurance provider Phoenix Group.

Bannister, the man who led Phoenix Group’s £2.9bn purchase of Standard Life Assurance last year, announced today he will step down next year. Phoenix employs more than 3,000 staff in Edinburgh and Glasgow.

 

Briggs resigned as chief executive of UK Insurance for Aviva in April after missing out on the the top job for the group to Maurice Tulloch. He is a former managing director of Scottish Widows and will pick up a salary and bonus package potentially worth more than £4 million a year.

Bannister has overseen huge growth at Phoenix, with assets under management rising by 263% to £245 billion during his tenure. He was the architect of a series of acquisitions, culminating in the purchase of Standard Life Assurance in 2018. Bannister will retire on 10 March after nine years with Phoenix. Briggs will join the business as CEO-designate on 1 January. 

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.”

 

Bannister said Briggs was the “ideal candidate” to replace him with strong integration and M&A skills and a “proven track record in driving a radical change agenda for major UK insurance businesses”, adding: ” I am proud of all that we have achieved and I’m confident that I leave the group in good shape for my successor.”

Briggs will receive an annual salary of £800,000 and a pension allowance of 12% of salary, He will also benefit from a bonus plan worth up to a  maximum of 150% of salary and a long-term incentive plan, with an annual award of 275% of salary. 



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