Direct Line appoints Penny James as new CEO
Direct Line Insurance Group announced “delightedly” on Tuesday that it has appointed Penny James as the new CEO.
James, who is the current Chief Financial Officer, will take on the role on 9 May of 2019 as Paul Geddes steps down.
Geddes, who will also leave his place on the board, will leave the group in July.
The company said it’s still searching for its new CFO to replace James.
Mike Biggs, Chairman of Direct Line Group, said: “The Board is delighted to appoint Penny James as Chief Executive of DLG. She combines a deep understanding of our sector with outstanding leadership skills, financial and risk expertise, and deep strategic thinking. 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.”
Biggs also thanked Geddes for his work in the company and said he had successfully led the team in the separation of the Group from RBS, through to its entry into the FTSE100.
Geddes praised the decision to appoint Penny James and said he is pleased to leave the group in “such capable hands”.
James also made a statement and said: “It is a privilege to be taking over the leadership of Direct Line Group.This year we are beginning to execute the next phase of our business transformation strategy, in pursuit of our mission to make insurance much easier and better value for our customers. I feel excited about the long-term potential of the Group and confident that we will continue to deliver for our customers, our shareholders and our people.”
Direct Line stock is down 0.89% at the time of writing