Phoenix replaces ex-FSA chairman Sir Howard Davies

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Closed-book insurance provider Phoenix Group has recruited a chairman to replace outgoing former FSA chair Sir Howard Davies from next month.

Davies steps down from 1 September after three years leading the firm’s board and will be succeeded by former Legal & General vice chairman Henry Staunton.

Staunton is currently chairman at W H Smith and rent-to-own specialist BrightHouse Group.

He is also a non-executive director at Capital & Counties Properties and sat on L&G’s board form 2004 to 2013.

Phoenix chief executive Clive Bannister says: “I am delighted we have appointed such an experienced chairman, who has played a key role in the development of so many other businesses.”

Staunton adds: “Phoenix has achieved an enormous amount in recent years and is now in a strong position to grow and develop. I look forward to working with Clive Bannister and the rest of the Phoenix team to build on their recent successes.”