28th Jun 2006 11:00
Friends Provident PLC28 June 2006 28 June 2006 Senior Management Changes Friends Provident today announces that Keith Satchell, who has been group chiefexecutive since 1 June 1997, has given notice of his intention to retire fromthe company in the first half of next year and that the Board has appointedPhilip Moore, currently the group finance director, to succeed him. Until thattime their roles remain unchanged. Commenting on these changes, Sir Adrian Montague, the chairman of FriendsProvident said: "Keith Satchell has informed the Board that he wishes to retire from thecompany, as he approaches the 10th anniversary of his appointment as chiefexecutive. His retirement at age 55 was foreshadowed as long ago as ourde-mutualisation and so reluctantly the Board has accepted his decision. "The Board has prepared for this succession with great care. Since last Autumn,the Nomination Committee has met regularly to consider the way forward and, as aresult, I am very glad to announce that it is the Board's intention, whenKeith's retirement takes effect, to invite Philip Moore to succeed him as groupchief executive. Philip has worked alongside Keith for the last three years andwith his experience and capability will continue to drive the business forwardwith the Board when Keith steps down. "The transition will take place in the first half of 2007, but we have not yetfixed a precise date. Keith and Philip will continue in their existing rolesuntil that time, but Philip's new role will leave a vacancy at group financedirector level, which we will be addressing in the months to come." Keith Satchell said: "2007 will be the right time for me personally to move on and I shall not beseeking another executive role. The company is in great shape and has had astrong start to 2006. Philip is extremely talented and will lead the FriendsProvident Group to further success in the future. However, until the date of myretirement I am very much "in post" and I remain totally committed andenthusiastic. "The Group's positive momentum has continued throughout the first half of 2006.UK Life & Pensions trading has improved further since we reported our Q1 newbusiness results, with particularly strong group pensions and a pick up inprotection applications. Progress in International Life & Pensions is alsoencouraging. Margins remain broadly stable across both UK and Internationalbusinesses. Developments at F&C are in line with those stated in its Preliminaryannouncement. "We remain confident of continued momentum for the Friends Provident Group and afull update on the progress of the Group will be given at Interim Results on 8August 2006." - Ends - For further information, please contact: Nick Boakes Friends Provident plc 0845 641 7814Di Skidmore Friends Provident plc 0845 641 7833Sandra Grandison Friends Provident plc 0845 641 7834Alex Simmons Finsbury Limited 020 7251 3801 Ref: G101 Notes to Editors About Friends Provident Friends Provident plc is the holding company of the Friends Provident Group ofcompanies and a member of the FTSE 100. With more than 2.5 million customers theGroup employs nearly 5,000 staff in its three core businesses: UK Life &Pensions, International Life & Pensions and Asset Management. The business was founded in 1832 on Quaker principles and aimed to alleviate thehardship of families facing misfortune. Friends Provident has embraced corporategovernance and achieving high standards of corporate behaviour andaccountability to both stakeholders and customers is at the heart of ourbusiness. In 2001 the company established the grant-making charity The FriendsProvident Foundation with the aim to encourage new ways of thinking about howmoney can be used to solve a wide range of problems. Fast growing International Life & Pensions: • Friends Provident International - 2005 full-year new business up 32% on 2004 • Lombard - new business compound annual growth rate 28% over last 10 years UK Life & Pensions: • Market share grown in each of last 3 years, from 3.4% in 2002 to 4.7% in 2005 Asset Management: • Funds under management up from c£30 billion at listing to more than £110 billion at 31 March 2006 Financially strong • With Profits Fund surplus £236m and Risk Capital Margin £276m at 31 December 2005 • Life & Pensions excess capital resources in accordance with FRS 27 £1.8 billion at 31 December 2005 • Regulatory solvency: Free Asset Ratio 18.3% at 31 December 2005 For more information on Friends Provident including, images, awards, fast facts,presentations, and media contacts please visit the media section atwww.friendsprovident.com/media This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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