26th Feb 2019 13:21
LONDON (Alliance News) - Direct Line Insurance Group PLC on Tuesday said it will promote Chief Financial Officer Penny James to the role of chief executive.
James will assume the new role with effect from the end of the insurer's annual general meeting, to be held on May 9. She will succeed current CEO Paul Geddes, who will step down at the AGM but will remain with the group until the end of July.
Direct Line Insurance has not yet appointed a new CFO but said it has "launched the search".
"The board is confident that Penny is ideally suited to leading the delivery of DLG's short-term strategic imperatives, including technological and business transformation, and the development of the next stage of our strategy," said Direct Line Insurance Chair Mike Biggs.
James was appointed to the Direct Line Insurance board in November 2017 and was made CFO in March 2018. She joined the company from Prudential PLC, where she had been Group Chief Risk Officer and a member of the Prudential board.
James will be paid an GBP800,000 annual salary and her pension allowance will be 9% of this. She will be eligible for the company's annual incentive plan and long term incentive plan.
Shares in Direct Line were down 0.8% at 354.80 pence on Tuesday.
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