Published on Wednesday, June 12, 2019

Saga CEO to stand down

Saga CEO Lance Batchelor is to retire in January 2020 after six years with the business, which specialises in travel and insurance for the over 50s.

The business told the London Stock Exchange this morning that it had already started to recruit his successor.

Chairman Patrick O'Sullivan added: "Lance has led Saga with a resolute focus on reinvestment and rebuilding a truly customer centric organisation. On behalf of the Board, we are grateful for his contribution and wish him every success for the future."

On July 5, Saga will launch its new cruise ship, the Spirit of Discovery. In April, the company introduced three-year fixed price home and motor insurance, and O'Sullivan said early progress in insurance broking is 'encouraging'. Further details will be provided at next week's AGM. "These developments demonstrate that Saga is a strong business with an attractive future," he added.

Batchelor said: "It has been a huge privilege to lead Saga. I am very proud of the journey we have taken to modernise the business and refocus it on customers. We now have enhanced products and the infrastructure needed for a sustainable and healthy future. Over the coming months, I look forward to continuing to execute the new strategy in our insurance business and seeing the launch of Spirit of Discovery in a few weeks."