Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The chief executive of Saga, the UK insurance and travel business focused on customers over 50, has resigned after nearly four turbulent years that included the disruption caused by the Covid-19 pandemic.
Euan Sutherland will be replaced by Mike Hazell, currently the group’s chief financial officer, who joined the group just last month, Saga said on Tuesday. Sutherland had told the board earlier this year of his intention to step down.
Demand for the group’s cruise business has recovered since pandemic interruptions but its insurance division has suffered from spiralling inflation in the cost of claims, prompting the group to pursue a sale of its underwriting division.
Sutherland said he was proud of what he had achieved at the group, and chair Sir Roger de Haan praised his “enormous contribution” in stabilising the business.
