Phoenix Group CFO to step down; successor revealed

Phoenix Group Holdings has unveiled board changes following the departure of its group finance director (CFO) and group director Scotland, Jim McConville. The company said that his successor has already been working on strategic planning with CEO-designate Andy Briggs.

McConville is standing down on May 15 following the AGM and after eight years with the business. He joined the business in June 2012, and during his tenure, has been a core member of the management team. He has been involved in the company's acquisitions of Standard Life Assurance in 2018 and the proposed acquisition of ReAssure Group from Swiss Re, announced in December 2019.

McConville will be succeeded by Rakesh Thakrar, current deputy group finance director. Thakrar joined Phoenix in 2001, and has been a member of the Phoenix Life Board since 2018. He was a director of three of Phoenix's subsidiary dormant companies that were dissolved in 2018.

McConville's group director Scotland responsibilities will transfer to Susan McInnes, CEO Standard Life Assurance and Group Director, Open business.

Commenting on the changes, Nick Lyons, Phoenix Group chairman said: "Jim's authority and confidence have been a cornerstone of Phoenix's success in recent years and it is a mark of the man that he has helped prepare and develop his successor.

"The Board believes that Rakesh is a remarkable talent, with a deep and broad understanding of our business and its potential. He will form a perfect complement to our CEO-designate Andy Briggs, with whom he has already been working on strategic planning."

McConville commented: "I am truly proud of my time at Phoenix and all we have achieved and I am delighted to be handing over the reins to Rakesh. He will serve this business well as it now has the opportunity to capitalise on its enormous strengths. I wish Andy, Rakesh and all the team every success."

Andy Briggs, who will become CEO of Phoenix Group from March 10, 2020, said: "Phoenix has a reputation for growing its own timber, so it is no surprise that a candidate of Rakesh's calibre is ready to become CFO. Rakesh has a profound understanding of the Life and Pensions business and the M&A expertise for which Phoenix is well known. I am looking forward to working closely with him."

Briggs has been the CEO-designate since joining the Group in January 2020.