Direct Line boss plans to depart

Direct Line boss Paul Geddes is to leave the insurance giant next summer after ten years at the helm.

Geddes said he had been “privileged” to lead the firm, with a tenure that saw him oversee Direct Line’s split from Royal Bank of Scotland and its stock market flotation.

The announcement came as Churchill owner Direct Line reported a 13.9 per cent fall in first-half, pre-tax profits to £293.8 million.