4th Aug 2011 07:00
Simon Lee to succeed Andy Haste as Group Chief Executive
The Board of RSA announces that Andy Haste has advised them of his intention to step down as Group Chief Executive after more than eight years in the role. As a Company we have a strong focus on succession planning and are accordingly pleased to announce that Simon Lee, currently CEO of International, will succeed Andy as Group Chief Executive. Andy and Simon will continue to work closely together to achieve a smooth handover by the end of the year.
Andy has a great track record as Group CEO of RSA, completely reshaping and refocusing the Group, creating a leading general insurer and delivering superior shareholder returns. Under his leadership, RSA has consistently delivered a market leading performance as well as successfully integrating more than 40 acquisitions since 2004.
Simon Lee joined RSA in 2003 and was appointed to the Board in 2007. He is currently responsible for our operations in Canada, Scandinavia, Ireland and Italy where he has driven strong top and bottom line growth. He also has had responsibility for our Latin American and Asian and Middle Eastern operations. Prior to joining RSA, Simon worked for the NatWest Group, where he was Chief Executive of NatWest Offshore and Head of US Retail Banking.
RSA Group Chief Executive, Andy Haste, said:
"It has been a privilege to lead RSA over the last eight years. I'm very proud of what we as a team have achieved. RSA is well placed to deliver continued growth and superior returns. The business is in good shape with exciting prospects, firmly focussed on growing our International and Emerging Markets regions and developing our strong UK franchise.
"With the team we have turned around the performance of the Group, exiting non-core businesses and markets, reinvesting in our key operations, rebuilding the balance sheet and delivering sustainable, profitable performance with strong growth and returns. It has been a hard decision to leave but now is the right time for me to hand over the reins and in Simon I am delighted that we have a very able successor who will continue to drive the business forward."
Chief Executive International, Simon Lee, said:
"I am ready to take up the challenge and continue our track record of delivering profitable growth and superior shareholder returns. Our focus on targeted growth, underwriting discipline and delivering an excellent service for our customers has underpinned our success and will remain the hallmarks of our business. We plan to continue to drive profitable growth across our global footprint."
RSA Chairman, John Napier, said:
"Speaking on behalf of the Board and as Chairman, we all consider Andy an outstanding CEO. Due to his leadership and energy RSA has become the high performing business it is today. He has built a first class management team and has been a great Board member and colleague. Simon has driven the growth and increased profitability of our International business and in the unanimous view of the Board has more than demonstrated the necessary leadership skills and capabilities to ensure that we continue to develop and grow the profitability of the Company."
Notes to Editors:
BiographiesAndy Haste Group Chief ExecutiveAge 49. Andy joined the Board as Group Chief Executive in April 2003 and is a member of the Group Executive Team, Investment Committee and Board Risk Committee. He was appointed as a Non-Executive Director of ITV plc (media) in August 2008 and has been a member of the Board of the Association of British Insurers since 2003. Previous roles include Chief Executive of AXA Sun Life plc and Director of AXA UK plc (life and pensions), President and Chief Executive Officer of Global Consumer Finance Europe at GE Capital UK, Western Europe and Eastern Europe (financial services) and President of National Westminster Bank's US Consumer Credit Business (retail banking).Simon Lee Chief Executive, InternationalAge 50. Simon was appointed as an Executive Director in January 2007 having been Chief Executive of International since April 2003 and is a member of the Group Executive Team. He is Chairman of the Codan Group, Trygg-Hansa and RSA Ireland, and is a Director of RSA Canada. Previous roles include 17 years with the NatWest Group, in the UK and US, including time as Chief Executive, Natwest Offshore and Head of US Retail Banking. On commencement of his role, Simon's salary will be raised to £800,000. His other terms and conditions remain unchanged.Enquiries
| Media | Analysts | |||
| Louise Shield | Claire Cordell | |||
| Group Director of External Communications | Head of Investor Relations | |||
| Tel: +44 (0) 20 7111 7047 | Tel: +44 (0) 20 7111 7212 | |||
| Bart Nash | Simon Sperryn-Jones | |||
| Group Head of External Communications | Investor Relations Specialist | |||
| Tel: +44 (0) 20 7111 7336 | Tel: +44 (0) 20 7111 7140 | |||
About RSA
With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write business in over 130 countries. Focusing on general insurance, RSA has around 22,000 employees and, in 2010, its net written premiums were £7.5 billion.
Copyright Business Wire 2011
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