Retirement Advantage rings the changes to gear up for growth phase
This is an incredibly exciting time to take over the helm. The business is in the best place it has ever been, despite the dramatic market changes we have witnessed.
- Chris Evans, Group CEO, to retire from executive roles and become a non-executive director of the parent holding company Board and non-executive Chairman of the Stonehaven Board
- Craig Fazzini-Jones, Chief Operating Officer, to become Group CEO
Retirement Advantage, the retirement specialist, has announced key Board changes, which after a period of transition, will take full effect from 1 May 2017. The group is making the changes to support the next stage of its growth strategy while also strengthening its corporate governance structure.
Chris Evans, currently Group CEO, will retire from executive roles and become a non-executive director at the parent holding group Board, I.C.E Acquisitions Sàrl, and replace Robert Sharpe, who is standing down as Chairman of the Stonehaven Board. Craig Fazzini-Jones, currently Chief Operating Officer, will become Group CEO after 9 years at the company.
Phil Naylor, currently Head of Pricing and Longevity, will become Managing Director for Life and Pensions, and Keith Marshall, currently Chief Actuary, will transition to become Chief Risk Officer.
Alongside these Board changes, Retirement Advantage has secured a significant external funding deal for its equity release product line, further diversifying its portfolio of funders. The group is also in the final stages of agreeing plans to grow the retail life and pensions business. These developments, combined with the support from TDR Capital, will position the group for the next phase of business growth.
Sir William Proby, Group Chairman at Retirement Advantage, commented: ‘I would like to thank Chris for his decade of outstanding service as CEO. During this time the industry has witnessed unprecedented change, but we have weathered the storm incredibly well. Chris has successfully grown the business and steered it through very choppy waters. His legacy is leaving us with the business in the strongest position it has ever been to capitalise on our next period of growth.
‘Although Chris is handing over his day-to-day responsibilities, his influence will continue through his role on the holding company and Stonehaven Boards.’
Craig Fazzini-Jones, incoming Group CEO at Retirement Advantage, said: ‘This is an incredibly exciting time to take over the helm. The business is in the best place it has ever been, despite the dramatic market changes we have witnessed.
‘We are the only company to have responded positively to the pension freedoms and launch a new world pension product with The Retirement Account, which directly addresses the customer need for certainty and flexibility. We have a diversified and competitive set of equity release products backed by a portfolio of external funders and this market is growing rapidly.
‘We can now take full advantage of our competitive position and invest to accelerate the growth of the business.’
Brian Magnus, Partner at TDR, commented: ‘We are delighted with the appointment of Craig Fazzini-Jones as Group CEO. Craig has demonstrated outstanding leadership in his current role and has been instrumental in driving the success of the business. He is the ideal successor to Chris Evans in leading the next phase of growth for the group.’
Although certain internal reporting lines are changing, no employees are otherwise affected by this announcement.
- This announcement is subject to PRA approval of the personnel changes.