Resolution has finalised plans to combine the boards of Friends Life and Resolution with chairman Mike Biggs set to leave.
The streamlining of its corporate structure was announced in August after the group scrapped flotation plans.
The company will merge the governance structures of Resolution and Friends Life to create one board with Andy Briggs as group chief executive and Tim Tookey as group chief financial officer. Biggs will be non-executive chair to oversee the transition before stepping down.
Resolution chief executive John Tiner will become a non-executive director.
A company statement says: “Mike considers the governance changes create a natural point at which to appoint a new chairman and this will also enable him to focus on his other non-executive commitments.”
In August 2011, the life sector consolidation vehicle set out proposals to split Friends Life into two separately listed businesses. In March, it announced the two businesses would be completely separated by early 2014, to ensure they could be sold off separately via IPOs, which have now been aborted.
The OpenCo, or open book business, includes the UK “go to market” business units, overseas business and Sesame Bankhall Group. The HeritageCo consists of the provider’s closed book business and associated parts such as Friends Life Investments, Friends Life’s listed debt and the UK pension fund.