Just Retirement chief executive Mike Fuller is retiring in July and will be replaced by LV= life and pensions managing director Rodney Cook.
Private equity group Permira bought the firm in September 2009 in a deal worth almost £230m. Fuller, 64, who founded the business in 2004, will remain Just Retirement’s second-biggest investor after Permira. He will also provide consultancy services to the firm.
Cook has held his post at LV= for the past three years and previously worked at Prudential and Zurich.
Just Retirement recorded a 26 per cent rise in sales in the six months to December 2009 to £446m from £354m in 2008.
The firm is understood to be striking a deal with Co-op Financial Services to provide enhanced annuities, as well as partnership arrangements with other firms.
Fuller says: “We are delighted to find somebody with the combination of experience that Rodney has. I am really enthused about where Just Retirement is at. I am not intending to go out with a whimper but with a bang.”