Friends Provident's Trevor Matthews is to step down as CEO and hand over the reins to former Scottish Widows chief Andy Briggs.
Matthews made the decision to step back from the top role as he intends to return with his family to Australia within the next three years. As a result of this decision, he believes a new CEO is needed to lead the business through an anticipated return to direct public market ownership within the next two to three years.
He will assume the new role of vice chairman with a focus on furthering Friends's presence and reputation in the marketplace.
Briggs is expected to join within the next six months from Lloyds Banking Group where he is currently CEO of General Insurance, having previously been CEO of Scottish Widows.
This follows a nineteen year career at Prudential, in the UK life business, where he was most recently chief executive of retirement income.
Sir Malcolm Williamson, chairman of Friends, says: "There are a number of huge challenges and opportunities facing the UK life assurance industry and a significant agenda of work in creating value from Resolution's life consolidation project.
"The project is making strong progress and I am looking forward to continuing to work with Trevor as Vice Chairman and with Andy as the CEO who will take the business through to a successful realisation of value for Resolution's shareholders".
John Tiner, CEO of Resolution Operations LLP, adds: "We are immensely grateful to Trevor for the work he has done at Friends and are pleased that he will continue with the Group. We are also fortunate to have found someone with the skills Andy brings to Friends as we move from the acquisition phase to integration and maximising the value from the assets Resolution Limited has acquired."
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