Rothesay Life announces the appointment of Ray King as Chairman
16 March 2016
Keith Satchell, who has been chairman of Rothesay Life since it was founded, is stepping down after more than nine years in the role. Ray King, who has been a non-executive director of Rothesay Life since 2014, will become the new independent non-executive chairman with effect from 31 March 2016.
Keith Satchell said:
“It has been an immense privilege to have worked with the Rothesay team since the business was founded and to have been part of creating a business which now looks after 225,000 pensions and has assets under management of over £15 billion. Rothesay’s unique low risk business model and ability to originate business from diverse sources positions it strongly to succeed in this exciting market. I have known Ray for many years and his extensive insurance industry experience and understanding of Rothesay will be a considerable asset to the board as the company delivers on its strategy."
Ray King said:
“It has been a great pleasure to work with Keith whose stewardship of the board has been exemplary. I’m excited about chairing a business with such excellent prospects and working more closely with our very strong board and our investors.”
Addy Loudiadis, Chief Executive and founder of Rothesay Life, said:
"Keith’s experienced leadership of the board has played an important role in Rothesay’s success, including building our brand, developing strong client relationships, in diversifying our investors and in helping shape the strategic direction of the business. We have been very fortunate in having Keith as part of the leadership team since the business started and I wish him the very best with his future plans. As the company continues to grow, I now look forward to working with Ray and am delighted that we will further benefit from his considerable insights and experience."
For further information, please contact:
Alex Child-Villiers or William Barker, Temple Bar Advisory 020 7002 1080 / 07795 425580
Notes to Editors
Rothesay Life is one of the leading providers of bulk annuities and de-risking solutions for defined benefit pension schemes and other life insurers in the UK.
Keith Satchell has been Chairman of Rothesay Life since it was founded in 2007. Keith has also been chair of the Nomination and Remuneration committees. Keith was formerly CEO at Friends Provident plc from June 1997 to December 2006, and held various management positions within Friends Provident from 1986 to 1997. Keith is a former Chairman of the Association of British Insurers and has previously served on boards in Switzerland, Holland, Spain, Ireland, Italy and Portugal.
Ray King is currently a Non-Executive Director and audit chair of Saga plc and also a Non- Executive Director of The Financial Reporting Council where he chairs the Audit and Assurance Council. Previously he has been a panel member at the Competition and Markets Authority and has held Non- Executive Directorships at Infinis Energy plc and Friends Provident plc and was a non-executive on the Board at the ABI. Ray ended his executive career as Group CEO of Bupa, having previously been Finance Director. Earlier in his career he held senior management roles at Diageo/Guinness plc, Southern Water plc and ICI plc, having qualified as a Chartered Accountant with PwC. Ray is chair of the Rothesay Life Audit committee and chair of the Rothesay Life Board with effect from 31 March 2016.