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Phoenix reshuffles senior management after Standard Life deal

Phoenix reshuffles senior management after Standard Life deal

Closed-book giant Phoenix Group has restructured its executive committee a month after its acquisition of Standard Life Aberdeen’s (SLA) insurance business.

In February Phoenix announced a £3.2 billion deal for SLA’s insurance business.

As part of the deal, Phoenix has now said it will be reshuffling its senior management line-up as part of the transition.

Rakesh Thakrar, who is currently Phoenix’s group finance director, will join the group’s executive committee and is also becoming a director of the life company board.

Tony Kassimiotis, who is managing director of operations at Phoenix, is also joining the executive committee in the newly created role of chief operating officer for all operations.

Wayne Snow is leaving the business and is being replaced as chief risk officer by Susan McInnes who is also joining the group executive committee. Fiona Clutterbuck, head of strategy, corporate developments and communications is retiring.

Clive Bannister, group chief executive, said: ‘Phoenix is well placed to take part in the future consolidation of the closed life and bulk purchase annuity markets and it is important that we strengthen our leadership team.

'Rakesh, Tony and Susan have all made long term contributions to Phoenix and I am delighted they have joined the group executive committee. I would also like to pay tribute to Fiona and Wayne for their commitment to Phoenix over the past years and wish them well in the future.’ 

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