("Chesnara" or "the Company")
12 May 2021
LEI Number: 213800VFRMBRTSZ3SJ06
CHANGE OF DIRECTORSHIP PLANNED FOR CHESNARA PLC
Chesnara today announces John Deane's intended retirement from the Company. He will be stepping down as Group Chief Executive Officer by the end of the year.
Under John Deane's six-year leadership, the Company has paid its shareholders £171m in dividends and seen the EcV of the group increase by £220m to £637m at 31 December 2020.
Luke Savage, Chairman, said: "John has made a significant contribution to Chesnara during his tenure, not least to the group's excellent financial track record. He will continue at the helm for the intervening period and ensure that there is a seamless handover to his successor. Both John and I will carry on delivering and progressing the group's strategic objectives and initiatives. So, for our customers, shareholders, staff and other stakeholders, it will feel like 'business as usual' given Chesnara's continued commitment to its existing strategy."
John Deane, Chief Executive said: "After six years at Chesnara and supporting the chairmanship change from Peter Mason to Luke, the timing is right for me to retire. I am not winding down just yet and will enjoy continuing to work with the team to achieve a smooth transition while making sure the group keeps on delivering value to all of our stakeholders."
The Company is also announcing that it has identified Steve Murray as intended successor to the role of Chief Executive. Steve has over twenty years' experience within the life assurance industry and a well-established track record in M&A, wider commercial leadership roles and experience of growing a business in "1825", Standard Life's financial advisory business. He will be appointed as an Executive Director and take up the role of Group Chief Executive Officer of Chesnara. Steve leaves his role as Chief Commercial Officer at Royal London to join Chesnara.
Steve Murray, Chief Executive Designate said: "I am delighted to be joining Chesnara later this year. I look forward to working closely with John and the wider team in my step into the Group Chief Executive role as we look to build on the company's successful and well-established strategy. I am excited by the opportunities we have ahead of us."
There are no matters to disclose in accordance with LR 9.6.13. The Company will make further announcements in due course and provide additional details of Steve Murray's appointment.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information, please contact:
Director, Capital Markets
Forward thinking communications
T - 020 7280 0651
Notes to Editors
Chesnara is a life and pensions company listed on the London Stock Exchange. It administers over one million policies and operates as Countrywide Assured in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden.
Following a three-pillar strategy, Chesnara's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden and the Netherlands and by undertaking value-adding acquisitions of either companies or portfolios.
Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 16 years in succession.
Further details are available on the Company's website (www.chesnara.co.uk).