Phoenix Group has announced that its group chief financial officer (CFO), Rakesh Thakrar, will be stepping down from the role later this year.

He joined the firm in 2001 and has held various strategic and finance position within the group.

Thakrar was appointed as deputy CFO in 2014, going onto be promoted to group CFO in 2020. In his time in the role, he was central in several acquisitions, and most recently oversaw a number of projects, including the integration of ReAssure, simplification of the strategic partnership with abrdn and the acquisition of Sun Life Financial of Canada UK.

The board is set to initiate a formal process to find a permanent successor, considering both internal and external candidates.

In the meantime, Stephanie Bruce will serve as interim group CFO as of 17 June, working with Thakrar to oversee a handover, ahead of him standing down from the role.

Bruce was CFO at abrdn until May 2024 and also a non-executive at Phoenix Group Holding from June 2022 until May 2023. She has also worked as a partner a PwC, where she led the Financial Services Assurance practice and was a member of the Assurance Executive.

Group chief executive officer at Phoenix Group, Andy Briggs, said: "Thakrar has been a great colleague and his counsel, knowledge and experience have been invaluable to Phoenix over the course of his tenure.

"We thank him for his significant contribution to the group's journey to become the UK's largest long-term savings and retirement business, which has included his oversight of a number of transformational projects. I am grateful to be working with him and Bruce during the handover period and wish him every success for the future."

Thakrar added: "I have enjoyed immensely my time with the Company over the last 23 years and I thank all of the colleagues I have been fortunate enough to work with. The group is in a strong position today as it continues on its journey from being a closed-book life consolidator to a purpose-led retirement savings and income business. I look forward to overseeing the transition to Bruce and I wish Nick, Andy, the board and all my colleagues at the Phoenix Group every success for the future."

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