Phoenix Group has announced the new executive management team which will manage the enlarged business upon completion of the Standard Life Assurance Limited acquisition.
The deal, which is expected to complete in Q3 2018, subject to regulatory approval, will see two Standard Life Assurance employees joining the Phoenix Executive Committee.
McInnes, an existing member of the Phoenix Executive Committee, will be appointed as CEO of Standard Life Assurance and she will take up her new role at the Edinburgh office once the transaction completes, Phoenix said in a statement announcing the changes.
McInnes will head all the open book and new business that the strategic partnership with Standard Life Aberdeen will bring to Phoenix.
Jim McConville, Phoenix Group finance director, will continue in his role and take on additional responsibilities as group director, Scotland. This role will involve providing oversight of Phoenix Group functions in Scotland as well as managing relationships with external local stakeholders.
The two Standard Life Assurance employees joining the Executive Committee are: Jonathan Pears, currently chief risk officer at Standard Life, will replace McInnes as Phoenix Group chief risk officer on completion of the transaction.
John McGuigan, currently managing director, customer operations at Standard Life, will join as group head of customer – a new role, as well as retaining his existing Standard Life Assurance responsibilities. Andy Moss remains the CEO of Phoenix Life, and will oversee Phoenix’s closed-book activity.
Reporting to the CEO Clive Bannister, the total number of Phoenix Executive Committee members now stands at eleven.