Phoenix Group Holdings PLC on Monday said former Non-Executive Director Stephanie Bruce will return in June as interim chief financial officer, as current CFO Rakesh Thakrar prepares to step down.

The London-based life insurance provider said Thakrar will formally step down from his post during 2024, once regulatory approval is confirmed for incoming Interim CFO Bruce.

Bruce, who served as a non-executive director at Phoenix Group from June 2022 until May 2023, will re-join the firm on June 17 pending her formal appointment as interim CFO. She will not become a statutory director, but will attend all board meetings and report to Chief Executive Officer Andy Briggs.

Bruce formerly served as CFO of Edinburgh-based investment firm abrdn PLC from May 2019 to May 11, 2023, although she remained there until the end of that year to support the transition.

Phoenix Group said it will consider both internal and external candidates when it initiates the formal process to find Thakrar’s permanent successor.

Thrakar has worked at Phoenix Group since 2001, becoming deputy CFO in 2014 before his promotion to CFO in 2020.

Phoenix said Thrakar ‘was central to the acquisitions which contributed to the group becoming the UK’s largest long-term savings and retirement business’.

Phoenix Group shares traded 2.1% lower at 509.66 pence late on Monday morning in London.

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