The Board of Phoenix Group Holdings plc announced that Rakesh Thakrar will step down from his position as Group Chief Financial Officer (GCFO) at a date to be agreed in 2024. Rakesh joined Phoenix in 2001 and held various strategic and finance positions within the Group, including Deputy Chief Financial Officer from 2014 before being promoted to GCFO in 2020. Rakesh was central to the acquisitions which contributed to the Group becoming the UK's largest long-term savings and retirement business.

More recently, he oversaw a number of successful projects including the integration of ReAssure, simplification of the strategic partnership with abrdn and acquisition of Sun Life Financial of Canada UK, as well as the introduction of a new financial framework reflecting the Group's continuing pivot toward growth. The Board will initiate a formal process to find a permanent successor, considering both internal and external candidates. In the meantime, Stephanie Bruce will join the Group on 17 June 2024 and will thereafter be appointed as Interim GCFO, subject to regulatory approval.

She will be reporting to Andy Briggs and will attend all Board meetings but will not become a statutory director of Phoenix. Rakesh and Stephanie will oversee an orderly handover ahead of him formally stepping down once her regulatory approval is confirmed. Further announcements will be made in due course.

Stephanie Bruce was Chief Financial Officer at abrdn plc until 11 May 2023 andwas also a Non-Executive of Phoenix Group Holdings plc from 1 June 2022 until 11 May 2023. Previously, Stephanie was a partner at PwC where she led the Financial Services Assurance practice and was a member of the Assurance Executive. Stephanie is a member of the Institute of Chartered Accountants of Scotland and an associate of the Association of Corporate Treasurers.