Mr Shaughnessy joined Fidelity in November 2008 and is managing director of the company’s UK defined contribution and retail business unit.
He will report to David Sims who is CEO of Zurich’s global life businesses in Europe. Mr Sim has been acting as interim CEO for Zurich’s UK life business since Michael Brennan retired last August.
Fidelity has confirmed that Mr Shaughnessy will be replaced by Hugh Mullan, who is currently European chief operating officer and a member of the company’s global operating committee. Mr Mullin will take up his new role at the start of April.
Hugh Mullan joined Fidelity in 2008 and has previous experience in senior roles at Barclays Wealth, Schroders and Citigroup.
Mr Sims said: “I am delighted that Gary has been appointed to this role. He brings with him a wealth of experience which will allow him to build on the success of the UK Life business, and is perfectly placed to lead the business as we move forwards with our platforms.”
Mr Shaughnessy said: “I’m delighted to be joining Zurich and look forward to working with the UK team in particular.
“This is a time of enormous change for UK consumers, intermediaries and employers, with increased regulation, personal tax complexity and the transfer of health and retirement responsibility onto the individual all taking place at the same time.
“These changes provide both a challenge and an opportunity for the financial services industry and I’ve been extremely impressed by Zurich’s ambition to lead the re-shaping of financial services in the UK.”