Saga said Monday that it has appointed Patrick O`Sullivan as chairman with effect from May 1.
The insurance, financial services, and holiday provider said that O`Sullivan, who has been chairman of FTSE 100-listed Old Mutual PLC since January 2010, is "hugely experienced in growing businesses in the financial services and insurance industry."
Separately, Old Mutual said that O`Sullivan will continue in his role as chairman there until the managed separation process of its wealth management and emerging markets businesses into independently-listed, standalone entities has been concluded, which the company said will be "materially complete" by the end of 2018.
O`Sullivan also is chairman of Lloyd`s market specialist motor insurer ERS (syndicate 218), and previously spent 12 years at Zurich Insurance Group Ltd, where he held a number of roles, including chief executive of Eagle Star, chief executive of UK general insurance, and group chief financial officer.
"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," Saga Senior Independent Director Orna NiChionna said.
Saga shares were up 0.6% at 116.70 pence per share on Monday, while Old Mutual shares in London were up 0.4% at 247.40p.
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