Jim McConville

Mr McConville currently runs the Scottish operations of Phoenix Group and helped carry out the £2.9 billion Standard Life Assurance acquisition deal.

He will stand down on 15th May this year after eight years with the company.

Mr McConville will be succeeded by Rakesh Thakrar, current deputy group finance director.

Mr McConville joined Phoenix Group in June 2012. During his tenure he has been a core member of the management team that has transformed the Phoenix Group, significantly strengthening its balance sheet, establishing a tradition of meeting or exceeding all its financial targets.

Mr Thakrar is a qualified accountant and has been a long-serving member of the Phoenix Group, originally joining in 2001. He started his career at Canada Life after graduating in Economics from the University of Warwick. He has been Mr McConville’s deputy since 2014 and has been a member of the Phoenix Life Board since 2018.

The news of Mr McConville’s departure arrives as the group posted strong year results, with operating profits rising by over 14%. Phoenix Group said it remains on track to deliver £1.2bn in synergies from the SLA deal which was announced in 2018. The group said that £33 million of annual cost savings had been delivered to date towards its target of £75m.

Nick Lyons, Phoenix Group chairman, said: “Jim’s authority and confidence have been a cornerstone of Phoenix’s success in recent years and it is a mark of the man that he has helped prepare and develop his successor. The Board believes that Rakesh is a remarkable talent, with a deep and broad understanding of our business and its potential. He will form a perfect complement to our CEO-designate Andy Briggs, with whom he has already been working on strategic planning.”

Jim McConville added: “I am truly proud of my time at Phoenix and all we have achieved and I am delighted to be handing over the reins to Rakesh. He will serve this business well as it now has the opportunity to capitalise on its enormous strengths. I wish Andy, Rakesh and all the team every success.”