Direct Line brings on Prudential senior exec as CFO

Direct Line Insurance Group has appointed Penny James as chief financial officer and executive director on its board, effective Nov. 1.

She will succeed John Reizenstein as chief financial officer on March 1, 2018.

Reizenstein will be retiring to pursue a non-executive career, and will work with James to support her transition.

James is currently group chief risk officer and executive director at Prudential. Prior to this she served as director of group finance.

Mike Biggs, chairman of Direct Line, said: "Succession planning is a key area for the Board and the appointment of Penny demonstrates our commitment to seeking to attract diverse and effective leadership to drive and deliver our ambitious strategy. I would like to welcome Penny to Direct Line Group, and I would like to thank John for his significant contribution to the Group and outstanding stewardship over the last seven years."

Paul Geddes, CEO of Direct Line Group, added: "I am delighted that Penny is joining Direct Line Group.  She brings a wealth of invaluable experience to the role, as well as an enthusiasm that will be a great fit with Direct Line Group's culture.  At the same time, I will be sad to see John leave.  He has been instrumental in leading Direct Line Group through a transformational period - from a division of a bank, through a successful IPO, to being an independent listed company."

Reizenstein commented: "It's been a privilege to play a part in the development of Direct Line Group as a successful FTSE 100 insurer. The Company has great prospects and I wish Penny and the team every success in pursuing the Direct Line mission of making insurance much easier and better value for customers."

James said: "I am delighted to be joining Direct Line Group which is a business I have long admired for its clear vision, customer focus and strong market position. I look forward to working with such a strong leadership team to build on the success achieved to date, as the business positions itself for the opportunities ahead."

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