Chesnara PLC Directorate Change (2977Y)
May 12 2021 - 1:00AM
UK Regulatory
TIDMCSN
RNS Number : 2977Y
Chesnara PLC
12 May 2021
CHESNARA plc
("Chesnara" or "the Company")
12 May 2021
LEI Number: 213800VFRMBRTSZ3SJ06
CHANGE OF DIRECTORSHIP PLANNED FOR CHESNARA PLC
Chesnara today announces John Deane's intended retirement from
the Company. He will be stepping down as Group Chief Executive
Officer by the end of the year.
Under John Deane's six-year leadership, the Company has paid its
shareholders GBP171m in dividends and seen the EcV of the group
increase by GBP220m to GBP637m at 31 December 2020.
Luke Savage, Chairman, said: "John has made a significant
contribution to Chesnara during his tenure, not least to the
group's excellent financial track record. He will continue at the
helm for the intervening period and ensure that there is a seamless
handover to his successor. Both John and I will carry on delivering
and progressing the group's strategic objectives and initiatives.
So, for our customers, shareholders, staff and other stakeholders,
it will feel like 'business as usual' given Chesnara's continued
commitment to its existing strategy."
John Deane, Chief Executive said: "After six years at Chesnara
and supporting the chairmanship change from Peter Mason to Luke,
the timing is right for me to retire. I am not winding down just
yet and will enjoy continuing to work with the team to achieve a
smooth transition while making sure the group keeps on delivering
value to all of our stakeholders."
The Company is also announcing that it has identified Steve
Murray as intended successor to the role of Chief Executive. Steve
has over twenty years' experience within the life assurance
industry and a well-established track record in M&A, wider
commercial leadership roles and experience of growing a business in
"1825", Standard Life's financial advisory business. He will be
appointed as an Executive Director and take up the role of Group
Chief Executive Officer of Chesnara. Steve leaves his role as Chief
Commercial Officer at Royal London to join Chesnara.
Steve Murray, Chief Executive Designate said: "I am delighted to
be joining Chesnara later this year. I look forward to working
closely with John and the wider team in my step into the Group
Chief Executive role as we look to build on the company's
successful and well-established strategy. I am excited by the
opportunities we have ahead of us."
There are no matters to disclose in accordance with LR 9.6.13.
The Company will make further announcements in due course and
provide additional details of Steve Murray's appointment.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information, please contact:
Roddy Watt
Director, Capital Markets
FWD
Forward thinking communications
T - 020 7280 0651
E - roddy.watt@fwdconsulting.co.uk
Notes to Editors
Chesnara is a life and pensions company listed on the London
Stock Exchange. It administers over one million policies and
operates as Countrywide Assured in the UK, as The Waard Group and
Scildon in the Netherlands, and as Movestic in Sweden.
Following a three-pillar strategy, Chesnara's primary
responsibility is the efficient administration of its customers'
life and savings policies, ensuring good customer outcomes and
providing a secure and compliant environment to protect
policyholder interests. It also adds value by writing profitable
new business in Sweden and the Netherlands and by undertaking
value-adding acquisitions of either companies or portfolios.
Consistent delivery of the Company strategy has enabled Chesnara
to increase its dividend for 16 years in succession.
Further details are available on the Company's website (
www.chesnara.co.uk ).
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END
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