Direct Line to lose boss Paul Geddes after decade at helm
DIRECT Line’s long-standing boss, who steered the insurer through its split from the Royal Bank of Scotland (RBS), will step down next year.
Paul Geddes, who led the motor insurer through its spin-off from taxpayer-backed RBS in 2012 and on to the FTSE 100 two years later, is stepping down from his role next summer after a decade in charge. Mr Geddes said the year’s notice gave him “plenty of time to think about what I want to do next” and coincided with his 50th birthday. He did not comment on whether he had been approached by any other City firm. “[I’m] open-minded, not going to rush into the next thing,” he said.
The news of his exit comes a year after it emerged that he was being interviewed for the chief executive role at ITV. The broadcaster later picked former easyjet boss Dame Carolyn Mccall for the job.
Shares in Direct Line, which also owns the Churchill, Green Flag and Privilege brands, closed down 1.6pc at 338.5p.
Mr Geddes said a key challenge for his successor would be keeping pace with digital advances to “make sure you’re on the right side of the technology train”, adding that this was on all bosses’ to-do lists. He declined to comment on who he would like to see replace him.
He is on the board of Channel 4 and is the outgoing deputy chairman of the Association of British Insurers.