Resolution Chairman to quit

Resolution, the FTSE 100 life insurer, has announced that Chairman Mike Biggs is to leave in the first quarter of 2013, once its new corporate governance procedures and new board in place.

The company says that while he remains committed to chairing the new board to oversee this period of change, he has decided that it would be appropriate to hand over to a new chairman once the transition has been completed.

"Mike considers the governance changes create a natural point at which to appoint a new chairman and this will also enable him to focus on his other non-executive commitments."

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The company has commenced an appointment process for the new chairman and the additional independent non-executive director, led by Phil Hodkinson, Senior Independent Director.

They new board will consist of the following members:

Andy Briggs, group Chief Executive Officer,

Tim Tookey, group Chief Financial Officer

David Allvey, Independent Non-Executive

Mel Carvill, Independent Non-Executive

Clive Cowdery, Non-Executive

Peter Gibbs, Independent Non-Executive

Phil Hodkinson, Independent Non-Executive

Nick Lyons, Independent Non-Executive

Robin Phipps, Independent Non-Executive

Belinda Richards, Independent Non-Executive

Karl Sternberg, Independent Non-Executive

John Tiner, Non-Executive

Tim Wade, Independent Non-Executive

The company expects to appoint an additional independent non-executive director, not drawn from either of the existing RSL and FLG boards, in due course.

While relevant regulatory processes have now been completed, the changes to the board remain subject to shareholder approval to amend the company's constitution to enable, among other things, the appointment of UK resident executive directors. The general meeting to seek shareholder approval is expected to be held during the first quarter of 2013.

CM