Business
Appointment of Patrick O'Sullivan as Chairman
Appointment of Patrick O'Sullivan as Chairman.
About this update from Saga Plc
[{"type":"text","content":"\n \nRNS Number : 2055F SAGA PLC 19 February 2018 \n\n19 February 2018\n \nSaga plc\n \nAppointment of Patrick O'Sullivan as Chairman\nSaga plc (\"Saga\" or \"the Group\"), the UK's specialist in products and services for life after 50, is pleased to announce the appointment of Patrick O'Sullivan as Chairman with effect from 1 May 2018.\nPatrick is hugely experienced in growing businesses in the financial services and insurance industry. He has been Chairman of Old Mutual plc, the FTSE 100 diversified financial services conglomerate, since January 2010. He is also Chairman of ERS (syndicate 218), a Lloyd's market specialist motor insurer. \n \nPrior to this, Patrick spent 12 years at Zurich Insurance Group (\"Zurich\"), one of the world's leading insurers, where he held a number of roles, including CEO of Eagle Star, CEO of UK General Insurance, Group Chief Financial Officer, and Vice Chairman of the Management Board. \n \nBefore joining Eagle Star, Patrick had worked for Bank of America, Goldman Sachs, and Barclays/BZW. He has also held non-executive roles including Chairman of the UK's Shareholder Executive, Deputy Governor of the Bank of Ireland, Senior Independent Director at Man Group plc and Chairman of the Audit Committee at Collins Stewart plc and Cofra Group AG.\n \nPatrick does not currently have any interest in shares in Saga. Patrick will receive a fee of £325,000 per annum from appointment and will not be entitled to any additional compensation or benefits. There is no further information which would require disclosure under 9.6.13R of the Listing Rules of the UK Listing Authority. \n \nIn line with the announcement made on 24 October 2017, Andrew Goodsell will stand down as Chairman. Patrick will stand for election at Saga's next Annual General Meeting and Andrew will retire from the Board on 30 April 2018.\n \nOrna NiChionna, Senior Independent Director, said: \n \n\"We are delighted to welcome Patrick to the Board of Saga. He brings many years of highly relevant commercial and board experience, working with companies in the financial services and insurance sectors. His wisdom and leadership will be invaluable as we invest in growing the customer base to deliver profit growth across the business.\" \n \nPatrick O'Sullivan commented: \n \n\"Sa...