19 February 2018
Saga plc
Appointment of Patrick O'Sullivan as Chairman
Saga 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.
Patrick 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.
Prior 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.
Before 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.
Patrick 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.
In 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.
Orna NiChionna, Senior Independent Director, said:
"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."
Patrick O'Sullivan commented:
"Saga is a household name and a brand that I admire. I am very pleased to be joining at a pivotal moment in the development of the company as it focuses on sustaining profitability and growth across the businesses. I look forward to working with management and the Saga Board to build on recent investments and initiatives to deliver profitable growth."
END
Saga plc
Mark Watkins, Director of Investor Relations Tel: 07738 777 479
Email: [email protected]
MHP
Tim Rowntree/Simon Hockridge/Reg Hoare Tel: 020 3128 8742
Email: [email protected]
Notes to editors
Saga is a specialist in the provision of products and services for life after 50. The Saga brand is one of the most recognised and trusted brands in the UK and is known for its high level of customer service and its high quality, award winning products and services including cruises and holidays, insurance, personal finance and publishing. www.saga.co.uk
