PHNW Phoenix Wts(DI)

TIDMPHNX TIDMPHNW

RNS Number : 9246Z

Phoenix Group Holdings

23 March 2012

23 March 2012

Phoenix Chairman, Ron Sandler, to retire in 2012

Phoenix Group Holdings ("Phoenix") announces that Ron Sandler has informed the Board of his intention to retire from the Board during the course of 2012, once a successor has been found and following an appropriate handover period. He was appointed as Chairman of Phoenix in September 2009.

Ron Sandler said:

"I took up my appointment at Phoenix shortly after it had been recapitalised, at the start of its transition to a publicly listed company. Since then, Phoenix has assembled a high quality and well-functioning Board and built a strong management team which has successfully stabilised the business. We achieved a Premium Listing on the London Stock Exchange in 2010 and are now an established FTSE 250 company. I am proud of the way the business has performed during a challenging period, hitting our cash targets and substantially reducing the gearing ratio.

"Phoenix is now well-positioned for the next stage of its development and I have decided that it is the right time to pass on the baton. I have thoroughly enjoyed my time at Phoenix, where we have transformed the business in recent years. As evidenced by the 2011 results announced today, Phoenix is well placed to deliver significant benefits both to shareholders and to customers and I look forward to watching this progress in the years to come."

Enquiries

 
 Investors 
 Katherine Jones 
  Head of Investor Relations, Phoenix 
  Group                                  +44 (0)20 7489 4879 
 Media 
 Neil Bennett, Maitland 
  Peter Ogden, Maitland                  +44 (0)20 7379 5151 
 

Notes

1. The Phoenix Group is the UK's largest specialist consolidator of closed life funds with approximately six million customers and over GBP72 billion of assets under management.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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