Just Group chief executive to step down

Just Group chief executive to step down

Just Group chief executive Rodney Cook will step down to plan for his retirement, the provider has announced today (April 30).

Mr Cook will stay at the provider until June 30 to ensure a smooth transition process, the company stated.

Just’s board will start a formal search for his successor, which will consider both internal and external candidates.

Until the next chief executive is found, David Richardson, currently group deputy CEO and interim group chief financial officer, has been nominated interim group CEO, subject to regulatory approval.

Mr Richardson has significant experience and a deep understanding of the company and its markets, the provider stated.

Previously, he was chief financial officer of Partnership, which merged with Just Retirement to create Just Group in 2016. 

Mr Cook said: "It has been an honour to lead this group over the last nine years and I am exceptionally proud of providing our many customers with security and peace of mind in later life.

"Having delivered the group's response to the prudential regulatory changes, I feel it's now the right time for me to retire from the role as chief executive. Although this last year has been a challenging one, the work we have done to strengthen the balance sheet and expand margins will lead to a bright future.

“I have had the pleasure of working with an exceptionally talented team and have no doubt that I am leaving the group in safe hands."

Chris Gibson-Smith, Just’s chairman, said Mr Cook led the provider through a period of significant change, including the introduction of pension freedoms, the merger of Just Retirement and Partnership, and most recently during the regulatory consultation process.

Mr Gibson-Smith said: “Rodney's leadership has transformed the group and I wish him the very best for the future.

“I would also like to express the board's gratitude to David [Richardson] for stepping into the role of interim group CEO.

“Given David [Richardson’s] extensive experience with the group, the board is confident that with the support of the executive management team he can manage both roles during the transitional period.”

Just Group's share price has fallen by more than 50 per cent over the past year after the Prudential Regulation Authority proposed new capital rules for equity release mortgages.