Direct Line Group appoints new CFO Tim Harris

Direct Line Insurance Group plc (LON: DLG) announced today that Tim Harris will join the Company as Chief Financial Officer and the Board as an Executive Director on 1st October 2019.

Tim was Deputy Chief Executive and Group Finance Director of the Royal London Group until 12 July 2019. He joined Royal London as Group Finance Director in May 2014 and was additionally appointed as Deputy Chief Executive in January 2018. Before joining Royal London, Tim had been Group CFO of Torus Insurance, Deputy Group CFO and Chief Capital Officer of Aviva plc and a Partner in the Global Capital Markets practice of PricewaterhouseCoopers.

Mike Biggs, Direct Line Insurance Group Chairman, said:

‘I am delighted to welcome Tim to the Direct Line Group Board, which will benefit from his many years of experience as a leading finance director in the insurance industry.’

Penny James, CEO, Direct Line Group, said:

‘Tim is a great fit with Direct Line Group’s culture and will contribute a wealth of experience. I am delighted that he is joining Direct Line Group and am very much looking forward to working with him.’

Tim Harris said:

‘Direct Line Group is a business admired for putting the customer first and for its passion for diversity and innovation. I am excited to be joining its excellent management team as the Group leverages the strength of its market position to take advantage of future opportunities.’

Note

Tim Harris will receive an annual salary of £535,000 and a pension allowance of 9% of salary. He will also be able to participate in the Company’s existing annual incentive plan up to a maximum of 175% of salary and the long term incentive plan up to 200% of salary per annum. Tim will also receive awards to compensate for remuneration arrangements forfeited on leaving his previous employer. All remuneration arrangements are consistent with the terms of the Directors’ Remuneration Policy approved by shareholders at the AGM in May 2017.
No other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in relation to Tim’s appointment as a Director of the Company.

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Written by: Giles Arbor

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