Specialist insurer Beazley has today revealed that its long-standing chief financial officer Sally Lake has informed the board of her intention to leave the business in 2023.

Commenting on her decision, Lake said: “As I approach five years as CFO and after 18 years at Beazley, I believe now is the right time for the board to begin an open, formal search for my successor. Beazley’s continued success remains my priority and I will look forward to remaining focused on delivering on our goals and a structured handover to my successor in 2024.” 

In a Press release, Beazley revealed that the board will now conduct an “orderly process” for an external successor, which will complete during Lake’s 12-month notice period.

Beazley CEO Adrian Cox said Lake’s commitment to an “orderly succession” will conclude her remarkable career at Beazley. He noted that he and Lake have been colleagues at Beazley for over 17 years and said he will miss working with her.

“She is an outstanding colleague and role model who is dedicated to delivering Beazley’s sustainable growth agenda,” he said. “We will thank Sally wholeheartedly for her leadership and valued contribution when she leaves next year and wish her every success in her next chapter.”

Cox added that he looks forward to presenting Beazley’s half-year results and capital strategy alongside Lake on September 7, 2023. Meanwhile, he said, the insurer’s guidance on growth, combined ratio and the positive outlook for the business remain unchanged.

Clive Bannister, chair of Beazley Plc, also commented on the news and said: “The board takes this opportunity to thank Sally for her substantial contribution to Beazley’s success.”

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