Direct Line appoints Prudential exec Penny James as CFO

Direct Line said on Friday that Penny James - currently chief risk officer and executive director at Prudential - will join the company as chief financial officer designate.

James will succeed John Reizenstein as CFO on 1 March 2018, as he retires to pursue a non-executive career.

James was previously director of Group Finance at Prudential. Before that, she was group CFO at Omega Insurance Holdings and CFO of UK General Insurance at Zurich Financial Services. James, who has been a non-executive director of Admiral since January 2015, will be leaving the boards of Prudential on 30 September 2017 and Admiral with immediate effect.

Direct Line chairman Mike Biggs said: "Succession planning is a key area for the board and the appointment of Penny demonstrates our commitment to seeking to attract diverse and effective leadership to drive and deliver our ambitious strategy. I would like to welcome Penny to Direct Line Group, and I would like to thank John for his significant contribution to the group and outstanding stewardship over the last seven years."

Chief executive Paul Geddes said James "brings a wealth of invaluable experience to the role, as well as an enthusiasm that will be a great fit with Direct Line Group's culture".

Pat Casey, currently chief risk and compliance officer at Prudential, will take up the role of chief risk officer on an interim basis.