Direct Line, having weathered challenges in recent years, has enlisted the expertise of respected Aviva executive Adam Winslow to spearhead its transformation.
The appointment of Adam Winslow as CEO of the company has been officially confirmed by Direct Line.
Rumors had been circulating, fueled by a Sky News report, that the company – known for its brands such as Churchill and Green Flag – was engaged in discussions to bring in Winslow. He has been at the helm of rival Aviva’s international operations since January 2021.
This strategic move comes in the wake of Penny James’ departure in January, a time when the FTSE 250 firm grappled with unexpected setbacks including a dividend reduction and a decline in its share price.
Amidst a year of surging inflation, the entire UK general insurance sector has encountered challenges, with Direct Line facing a notably challenging landscape in comparison to its competitors.
In March, the company’s shares experienced a sharp decline following the announcement of a £45 million loss for the fiscal year 2022. Analysts characterized this performance as one of the most challenging years in the company’s history.
Adam Winslow’s annual remuneration will amount to £820,000, accompanied by a pension allowance of 9%, along with supplementary benefits.
Scheduled to assume the role in the first quarter of 2024, Winslow will succeed Jon Greenwood, who has been serving as the acting chief executive since January.
Adam Winslow said in a statement to the markets, the company was one of the “UK’s leading insurers with some of the most recognisable brands in the retail and commercial market.”
“It’s a privilege to be invited to lead DLG into the future, particularly given its rich heritage and passion for serving its millions of customers.”
“I’m looking forward to working with my new colleagues to drive growth, deliver for customers and create long-term shareholder value.”
Danuta Gray, Direct Line Groups’ Chair, went on to say, “Adam has deep expertise in the UK general insurance market and significant leadership experience, spanning two decades across personal and commercial lines insurance.
“The Board conducted an extensive search and Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high performing businesses and his focus on driving operational excellence to consistently meet customer needs.”
