Direct Line appoints CFO-designate

09:49 08/09/2017 - Direct Line Insurance Group has appointed Penny James as chief financial officer-designate and as an executive director on 1 November.

The company said she would succeed John Reizenstein as CFO on 1 March, subject to the usual regulatory approvals and following the signing off of the 2017 accounts. The company said Reizenstein would be retiring as CFO and executive director to pursue a non-executive career.

James is currently group chief risk officer and executive director at Prudential where she is responsible for leading risk oversight globally.

Prior to this she was director of group finance at Prudential.

Before joining Prudential, she was Group CFO at Omega Insurance Holdings Limited and CFO, UK general insurance, at Zurich Financial Services.

She has been a non-executive director of Admiral Group plc since January 2015.

The company said she would be leaving the boards of Prudential on 30 September 207 and Admiral with immediate effect.

Chairman Mike Biggs said: "Succession planning is a key area for the board and the appointment of Penny demonstrates our commitment to seeking to attract diverse and effective leadership to drive and deliver our ambitious strategy.

"I would like to welcome Penny to Direct Line Group, and I would like to thank John for his significant contribution to the Group and outstanding stewardship over the last seven years."

Chief executive Paul Geddes added: "I am delighted that Penny is joining Direct Line Group.

"She brings a wealth of invaluable experience to the role, as well as an enthusiasm that will be a great fit with Direct Line Group's culture.

"At the same time, I will be sad to see John leave. He has been instrumental in leading Direct Line Group through a transformational period - from a division of a bank, through a successful IPO, to being an independent listed company."

Reizenstein said: "It's been a privilege to play a part in the development of Direct Line Group as a successful FTSE 100 insurer.

"The company has great prospects and I wish Penny and the team every success in pursuing the Direct Line mission of making insurance much easier and better value for customers."

James said: "I am delighted to be joining Direct Line Group which is a business I have long admired for its clear vision, customer focus and strong market position.

"I look forward to working with such a strong leadership team to build on the success achieved to date, as the business positions itself for the opportunities ahead."

At 9:49am: (LON:DLG) Direct Line Insurance Group PLC share price was +2.2p at 381.8p

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