Phoenix Group chairman Ron Sandler is leaving the closed life assurance fund company later this year after announcing plans to retire.
Sandler, who has been chairman of Phoenix since September 2009, will step down from the FTSE 250 company once a replacement has been found and a subsequent handover period.
Phoenix Group has lost a number of senior members of its management team in recent months. Finance director Jonathan Yates left the firm in December 2011 to join Guardian Financial Services, while Lorraine Rees also quit as head of investor relations in February.
Sandler says: “I am proud of the way the business has performed during a challenging period, hitting our cash targets and substantially reducing the gearing ratio.
“Phoenix is now well-positioned for the next stage of its development and I have decided that it is the right time to pass on the baton.”