Clive Bannister is to replace Jonathan Moss as chief executive of Phoenix Group.
Bannister, formerly group managing director of insurance and asset management at HSBC, joins Phoenix as group chief executive.
Phoenix says the board has agreed with Moss “that this is the right time for there to be a change of leadership”.
It says it is on track to deliver on its 2010 financial targets, including cash generation at the top of its target range of £625m-£725m, and says it is well positioned to participate further in the consolidation of the UK’s closed life sector.
Phoenix Group has eight closed life brands including Phoenix Life, Pearl Assurance, London Life, NPI and Scottish Mutual.
Phoenix Group chair Ron Sandler says: “Clive has the leadership and strategic skills that are needed to realise the very considerable opportunities that we see for Phoenix Group and to ensure that the interests of our six million customers are properly looked after. The board is very grateful for the commitment and leadership of Jonathan Moss through an extra- ordinary period for the company and we wish him the very best in the future.”
Bannister says: “We are in an excellent position to improve service and returns for our policyholders through the further development and growth of our unique operating platform and thereby to realise value for shareholders.”