- Euan Sutherland to be replaced immediately by group CFO Mike Hazell
Chief executive of Saga, Euan Sutherland, will step down in January after four years in the role, the group said on Tuesday.
Sutherland will be replaced at the helm of the holidays and insurance group with immediate effect, with group financial chief Mike Hazel taking on the role and the outgoing boss remaining with the group in the short term to ensure continuity.
The over-50s specialist also told investors that Hazel, who only joined Saga last month, will be succeeded as finance chief by current group chief corporate development officer Mark Watkins.
The Kent-based company said that Euan Sutherland will be standing down and will be replaced by the current group chief financial officer, Mike Hazell
In a trading update the firm said: ‘After joining Saga in January 2020, Euan stabilised the business, launched a new strategy and significantly strengthened the leadership team.
‘He steered Saga through the Covid-19 pandemic and oversaw detailed work to strengthen the brand and identify new income streams.
‘Mike and Mark, who have been working closely together since Mike’s arrival at Saga, will assume their new roles with immediate effect.’
In September, the company revealed that it anticipates a ‘significant’ double-digit expansion in sales and underlying pre-tax profits for the fiscal year ending January 2024.
Sutherland said: ‘The time is right for someone else to take Saga into the next phase of its development and I am delighted to hand over to Mike and Mark, who I know will lead this business with passion and determination.’
Hazell added: ‘I am delighted to take over from Euan and will continue to deliver against the Group strategy to maximise the performance of our existing businesses and reduce debt.
‘I look forward to working with Mark and the rest of the executive team, the Board and all my wider Saga colleagues to take the Group to the next phase of its development.’
Saga shares fell by 2.4 per cent to 121.80p in Tuesday morning trading.
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