Keith Satchell has announced he is retiring after almost ten years as group chief executive of Friends Provident.
Satchell will retire from the company in the first half of next year. The Board of directors has appointed Philip Moore, currently the group finance director, to succeed him.
Sir Adrian Montague, chairman at Friends Provident says Satchell’s decision to retire at 55 was muted as long ago as when the company demutualised.
Montague adds: “The board has prepared for this succession with great care. Since last Autumn, the Nomination Committee has met regularly to consider the way forward and, as a result, I am very glad to announce that it is the board's intention, when Keith's retirement takes effect, to invite Philip Moore to succeed him as group chief executive. Philip has worked alongside Keith for the last three years and with his experience and capability will continue to drive the business forward with the board when Keith steps down.
"The transition will take place in the first half of 2007, but we have not yet fixed a precise date. Keith and Philip will continue in their existing roles until that time, but Philip's new role will leave a vacancy at group finance director level, which we will be addressing in the months to come."
Satchell says he will not be seeking another executive role when he retires next year.
He also says he remains confident of continued momentum for the Friends Provident Group and adds a full update on the progress of the Group will be given when it publishes its interim results on 8 August 2006.
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