Phoenix appoints chairman to step in after Standard Life acquisition

Insurance service provider Phoenix Group on Friday appointed former Lehman Brothers veteran Nicholas Lyons as group chairman, starting in September.

Currently senior independent director at Pension Insurance Corporation, Lyons is a non-executive director of a number of financial institutions and was previously on the board of Friends Life.

"I am extremely pleased to be joining Phoenix at this exciting time. Henry and Clive have built a strong platform and an outstanding team and there are excellent opportunities ahead. I look forward to working with the Board, management and shareholders in the years to come," said Lyons.

Lyons has worked at JPMorgan, where he stayed for 12 years, Lehman Brothers, where he served as managing director in their European financial institutions group and global co-head of recruitment.

He replaces Henry Staunton, who also currently serves as non-executive chairman of WH Smith, and will take on his new role at the FTSE traded company following the upcoming acquisition of Standard Life Assurance.

Alastair Barbour, senior independent director at Phoenix, said: "On behalf of everyone on the board at Phoenix, we pay tribute to Henry's leadership through this transformational period for the group. Henry leaves Phoenix stronger and more confident than it has ever been and the board thanks him for his leadership and guidance."

Phoenix’s shares were up 0.52% at 679.50p at 0921 BST.