’The time is right for someone else to take Saga into the next phase of its development,’ says departing top boss
Saga Insurance has revealed that former Debenhams boss Mike Hazell will replace Euan Sutherland as its new chief executive.
A statement released today (28 November 2023) said Sutherland was stepping down from the top boss role of the over-50s specialist insurer after informing the board earlier in the year that he felt it was the right time for him to move on.
Successor Hazell will take up his role with immediate effect – Sutherland will stay with the firm until 31 January 2024 to support the transition.
“I joined Saga because I was excited about working to strengthen a unique British brand with a strong heritage, great people and a customer cohort that was under served,” Sutherland said.
“I am very proud of everything we have achieved over the past four years, particularly our work to strengthen the brand and to better serve our customers with unique products and services.
“The time is right for someone else to take Saga into the next phase of its development.”
Hazell, who has more than 25 years of multi-sector experience in a variety of executive roles, was the interim chief financial officer at Co-op Group and also the joint chief executive of Debenhams.
He joined Saga on 9 October 2023 as chief financial officer – his promotion means he will be succeeded by Mark Watkins.
Watkins has held a series of senior roles across finance, strategy and investor relations at companies including Intertek, Secure Energy Services, Bovis Homes and Deloitte.
Hazell said he was “looking forward to working with Mark and the rest of the executive team”.
“Saga is a unique business, with a strong brand, a committed workforce and an exciting future,” he added.
“I am delighted to take over from Euan and will continue to deliver against the group strategy to maximise the performance of our existing businesses and reduce debt.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
Now working within the insurance sector, James has a particular focus on motor, M&A activity and financial reporting.View full Profile