Direct Line Insurance Group Plc (DLG) chief executive Penny James (pictured), who most recently served as chief financial officer, has officially taken over from Paul Geddes after the latter stepped down from the board at the conclusion of DLG’s annual general meeting on May 09.
Former independent non-executive director Clare Thompson also left the board yesterday. Geddes, however, will stay with the insurance group until the end of July.
“I’ve worked closely with Penny for over 12 months and have been impressed by her drive, energy, and ambition for the group,” said the former CEO in a previous statement. “I am pleased to be leaving the group in such experienced and capable hands.”
James, who will receive an annual salary of £800,000 plus a pension allowance of 9% of salary in her new capacity as CEO, was appointed to the DLG board in November 2017 and became finance chief in March last year. Prior to joining the Bromley-headquartered enterprise, she worked at the likes of Prudential Plc and Zurich.
Meanwhile deputy CFO Neil Manser has been tapped to act as interim chief financial officer while the search for James’s successor continues. DLG said the interim CFO role is not a main board appointment.