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
– 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.”
Source : Friends Provident Press Release
