Old Mutual plc chairman Patrick O'Sullivan has been appointed chairman of Saga Group and will step down from Old Mutual following the completion of its managed separation process.
O'Sullivan has been chairman of Old Mutual since 2010, having joined the firm following 12 years at Zurich Insurance.
At Zurich, O'Sullivan worked in a variety of roles including chief executive of UK general insurance and group chief financial officer. He has also worked at Bank of America, Goldman Sachs and Barclays/BZW.
He will take up the role at Saga on 1 May 2018 and replaces Andrew Goodsell, who announced last October that he was stepping down as chairman after 26 years at the group. Goodsell was appointed as chairman and chief executive in 2004 and will retire from the board on 30 April.
However, O'Sullivan confirmed he will remain at Old Mutual until the group's managed separation process, which was announced in March 2016, has been completed.
This will see Old Mutual Wealth rebranded as Quilter as it splits from its parent company.
Last November, Old Mutual Wealth said it remains on track to list in 2018 and aims to complete this listing as early as possible this year, subject to regulatory and other approvals.
O'Sullivan said: "The managed separation process is nearing its successful completion. I am very proud of what has been achieved by the board and our colleagues and I look forward to joining the Saga board in May.
"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."
Orna Ni-Chionna, senior independent director at Saga, said: "We are delighted to welcome Patrick to the board of Saga. He brings many years of highly relevant commercial and board experience, working with companies in the financial services and insurance sectors.
"His wisdom and leadership will be invaluable as we invest in growing the customer base to deliver profit growth across the business."