The Phoenix Group has appointed Nicholas Lyons, a former board member of Friends Life, as chairman.
Mr Lyons will assume his role on 1 September 2018, subject to regulatory approval.
Mr Lyons is currently senior independent director at the Pensions Insurance Corporation and holds a number of non executive director roles within Ki Cap and Miller Insurance Services.
As well as this, he held a non-executive director role within of Catlin Group, Friends Life and Quayle Munro.
He was previously on the board of Friends Life and Friends Life Holdings and Longbow Capital Partners.
Henry Staunton, current chairman of the Phoenix Group, said: "Nicholas is a tremendous choice to be my successor.
"He recognises the potential that the group has following its impending acquisition of Standard Life Assurance, and he has extensive experience in the life sector."
Mr Lyons previously held executive roles at J P Morgan and Salomon Brothers; he then spent eight years at Lehman Brothers where he headed the European Financial Institutions Group.
Last year Mr Lyons was awarded Alderman of the Ward of Tower giving him responsibility of representing the insurance industry in the local authority.
Mr Lyons said: "I am extremely pleased to be joining Phoenix at this exciting time. Henry and Clive have built a strong platform and an outstanding team and there are excellent opportunities ahead.
"I look forward to working with the board, management and shareholders in the years to come."