Saga appoints Patrick O'Sullivan as chairman

The company, which specialises in products for the over-50s, said O’Sullivan is "hugely experienced" in growing businesses in the financial services and insurance industry. He has been chairman of diversified financial group Old Mutual since January 2010.

Prior to this, he spent 12 years at Zurich Insurance Group where he held a number of roles, including CEO of Eagle Star, CEO of UK General Insurance, group CEO and vice chairman of the management board.

Before joining Eagle Star, O’Sullivan worked for Bank of America, Goldman Sachs, and Barclays/BZW. He has also held non-executive roles including chairman of the UK's Shareholder Executive, deputy governor of the Bank of Ireland and senior independent director at Man Group.

He will receive a fee of £325,000 a year from appointment and will not be entitled to any additional compensation or benefits.

O’Sullivan said: "Saga is a household name and a brand that I admire. I am very pleased to be joining at a pivotal moment in the development of the company as it focuses on sustaining profitability and growth across the businesses. I look forward to working with management and the Saga board to build on recent investments and initiatives to deliver profitable growth."