There is a new man at the helm of Saga.
The specialist insurer, which focuses on products for the over 50s, has named Patrick O’Sullivan (pictured) as its new chairman effective on May 01, 2018. O’Sullivan’s most high-profile role is at Old Mutual, where he has been chairman since 2010.
In its announcement, Saga outlined that O’Sullivan had been chosen due to being “hugely experienced in growing businesses in the financial services and insurance industry.” He previously spent 12 years at Zurich Insurance Group holding numerous roles including being CEO of Eagle Star, CEO of UK general insurance and group chief financial officer. He is also chairman of ERS, the Lloyd’s market specialist motor insurer. Past credits include time at Goldman Sachs, Bank of America and Barclays, as well as non-executive roles such as chairman of the UK’s Shareholder Executive and Deputy Governor of the Bank of Ireland.
“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,” he said. “I look forward to working with management and the Saga Board to build on recent investments and initiatives to deliver profitable growth.”
O’Sullivan, who does not currently have any shares in Saga, is set to receive £325,000 per annum but will not be entitled to additional compensation or benefits.
The move also means that Andrew Goodsell, in line with an announcement made in October, will stand down from the role of chairman. He will retire from the board on April 30.
“We are delighted to welcome Patrick to the Board of Saga,” said Orna NiChionna, senior independent director. “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.”