January 25, 2011 / 11:36 AM / in 8 years

Resolution appoints new Friends Provident CEO

LONDON (Reuters) - Insurance-focussed takeover specialist Resolution RSL.L said Trevor Matthews has stepped aside at the helm of its Friends Provident arm, with industry veteran Andy Briggs appointed as his successor.

Matthews, who joined Friends Provident as chief executive in July 2008, will take on a new role of vice-chairman at the company, because he intends to return to Australia within the next 3 years.

“Trevor has concluded that, in view of his personal intention to return with his family to Australia...and the substantial agenda of work ahead, a new CEO should be appointed to lead the business through an anticipated return to direct public market ownership,” said Resolution in a statement on Tuesday.

Resolution, which acquired life insurer Friends Provident in 2009 for 1.8 billion pounds, said Andy Briggs will join from Lloyds Banking Group (LLOY.L) within the next six months.

Briggs is currently chief executive of Lloyds’ General Insurance arm. He was previously the head of Scottish Widows, after spending 19 years at Prudential (PRU.L).

Reporting by Lorraine Turner; Editing by Sudip Kar-Gupta.

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