TIDMRSL TIDM35PG
RNS Number : 0052A
Resolution Limited
25 January 2011
25 January 2011
Resolution Limited ("Company")
Senior management changes at Friends Provident Holdings (UK) plc
("Friends")
The Company announces that Andy Briggs will become CEO of
Friends and that Trevor Matthews will assume a new role of Vice
Chairman. Andy is expected to join within the next six months from
Lloyds Banking Group where he is currently CEO of General
Insurance, having previously been CEO of Scottish Widows. This
follows a nineteen year career at Prudential, in the UK Life
business, where he was most recently Chief Executive of Retirement
Income.
Trevor has concluded that, in view of his personal intention to
return with his family to Australia within the next three years and
the substantial agenda of work ahead, a new CEO should be appointed
to lead the business through an anticipated return to direct public
market ownership while he focuses on furthering Friends's presence
and reputation in the marketplace.
As the Company prepares Friends for a return to independent
ownership over the next two to three years these changes underscore
its focus on:
-- integrating acquired businesses;
-- the realisation of cost synergies;
-- creating sustainable and cash generative propositions for
both new and existing customers including in annuities;
-- positioning the distribution mix of the business to succeed
post the retail distribution review; and
-- building a capital and cost efficient business model.
The combination of Trevor's outstanding skills and reputation in
the marketplace with Andy's extensive experience of integrating
large life assurance businesses, building and managing a leading UK
annuity business and running the UK's largest bancassurance
business will bring a very powerful force to the Board of
Friends.
Trevor will initially work with Andy to help him achieve a
smooth transition to his new role and will then focus on enhancing
and promoting Friends role with major clients, key business
partners, and other stakeholders including the financial and
investment community, government, regulators and the public.
Commenting on Andy's appointment Sir Malcolm Williamson,
Chairman of Friends said:
"There are a number of huge challenges and opportunities facing
the UK life assurance industry and a significant agenda of work in
creating value from Resolution's life consolidation project. The
project is making strong progress and I am looking forward to
continuing to work with Trevor as Vice Chairman and with Andy as
the CEO who will take the business through to a successful
realisation of value for Resolution's shareholders".
John Tiner, CEO of Resolution Operations LLP, said:
"We are immensely grateful to Trevor for the work he has done at
Friends and are pleased that he will continue with the Group. We
are also fortunate to have found someone with the skills Andy
brings to Friends as we move from the acquisition phase to
integration and maximising the value from the assets Resolution
Limited has acquired."
Trevor Matthews said:
"I am thoroughly enjoying my time at Friends and am excited
about my continuing role. I think Andy will be a tremendous asset
to the Group and I am looking forward to working with him and
promoting Friends to all our stakeholders."
Andy Briggs said:
"I have watched the role Resolution has played in consolidating
the UK life sector with interest and am excited about leading the
executive team of Friends. We have a fantastic opportunity to
create a major player that delivers real value for customers and
shareholders. I am looking forward to joining a group of hard
working, enthusiastic people."
Enquiries:
Investors/analysts
Neil Wesley, Resolution Operations LLP +44 (0)20 3372 2928
Media
Alex Child-Villiers, Temple Bar Advisory +44 (0) 7795 425580
Notes to editors
Andy joins from Lloyds Banking Group, where he started with
Scottish Widows in 2007. Previously he worked at Prudential for 19
years, which he joined after graduating from Southampton
University. He became a fellow of the Institute of Actuaries in
1990.
At Prudential, Andy was Chief Executive, Retirement Income,
responsible for a GBP25 billion annuity portfolio. Previous
responsibilities included achieving strong growth in both EBC
market share and from distribution partnerships.
He joined Scottish Widows as Managing Director (Marketing and
Distribution) and in December 2008 was appointed CEO of Scottish
Widows, responsible for all functional areas, GBP700 million of EEV
based profit a GBP60 billion balance sheet and 3,500 people.
Significant profit growth and capital management initiatives were
achieved, together with improvements in customer service and
colleague engagement. A key focus was the integration with the HBOS
plc's life companies, where good progress was made in moving to a
single product range, restructuring support functions and
geographic locations and achieving major cost savings. Since
February 2010, he has been CEO, General Insurance, where he is
focused on the integration of the Lloyds TSB and HBOS general
insurance businesses.
Andy is married with 4 children and enjoys travelling, golf,
rugby and work with the NSPCC, where he chairs one of the fund
raising committees.
Resolution Limited
Resolution's objective is to acquire businesses and provide the
public markets with a series of restructuring opportunities in the
financial services industry in the UK and Western Europe. Its
current restructuring project is in the UK life and asset
management sectors.
The Company's ordinary shares were admitted to the Official List
and to trading on the main market of the London Stock Exchange in
December 2008. The Company transferred to a Premium Listing as it
completed its first acquisition, Friends Provident Group plc, on 4
November 2009 and is subject to those provisions of the Listing
Rules that apply to overseas companies with a Premium Listing. The
Company announced the completion of its second acquisition, the
majority of the AXA UK life business, on 15 September 2010. Its
third acquisition, the shares and business of Bupa Health Assurance
Limited, was announced on 15 October 2010 and is expected to
complete early in the new year.
A copy of this announcement is and will be available, subject to
certain restrictions relating to persons resident in restricted
jurisdictions, for inspection on the Company's website at
www.resolution.gg.
For the avoidance of doubt any other information contained on
Resolution's website does not form part of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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