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Saga Plc's insurance boss in shock departure

Saga Plc's insurance boss in shock departure | Insurance Business UK

Saga Plc's insurance boss in shock departure

Saga Insurance chief executive Cheryl Agius has stepped down after only a year in the post.

An announcement by Saga Plc said Agius cited “personal reasons” for her departure, which has taken effect immediately. The decision, further details of which were not provided, also saw the insurance boss leave the Saga Plc board where she was an executive director.        

“Our insurance business has performed resiliently under Cheryl’s leadership despite challenging market conditions and she departs with the business well placed to deliver on the opportunities we have identified as part of our new strategy,” commented Saga Plc group CEO Euan Sutherland, who will serve as Saga Insurance interim chief for now.

“I’d like to thank Cheryl for her contribution to Saga and wish her well for the future.”

Read more: Saga appoints chief executive of insurance and COO

Expected to take several months to complete, the hunt for a new insurance CEO has commenced.     

Meanwhile chair Sir Roger De Haan had this to say: “I would like to thank Cheryl for her work and commitment and wish her well for the future.

“We are focussed on finding the right individual to replace Cheryl and to continue to drive our insurance business forward for our customers. Until this appointment is made, Euan and the management team continue to implement our transformation strategy.”

Agius took on the role in January 2020, after previously serving as chief executive of the general insurance operations at Legal & General.