Canada Life's UK chairperson Derek Netherton is to step down later this year after 10 years at the business' helm.
Derek Netherton has been a Canada Life director since 2011. He will be succeeded as chairperson by Andy Watson, currently a non-executive director at Canada Life.
Watson's appointment is still subject to regulatory approval, and Canada Life is yet to announce a date for Netherton's departure.
Netherton was also chairperson of British bakery chain Greggs for a time, having held non-executive director positions at clothing and home retailer Next, as well as at St James’s Place.
Earlier in his career, Netherton made his name in the investment banking world. He ended his career at J. Henry Schroder Wagg & Co, where he stayed 15 years until he retired in 1996.
“I would like to thank Derek for his direction as he steered the business through an ever-changing economic and regulatory landscape over the past decade while overseeing the company grow from strength to strength," said Lindsey Rix, Canada Life UK's chief executive.
"All of us here at Canada Life wish him all the very best for the next challenge."
Netherton's successor Watson is the former chief executive of Ageas UK, a home and car insurance provider. He joined Canada Life's board 18 months ago.
Other past employers of Watson include Direct Line, Co-operative Financial Services, Royal Bank of Scotland, and HSBC.
He also holds non-executive positions with leadership coaching provider Brathay Trust and insurance group Atlanta Holdings.
“I look forward to taking over from Derek later this year and thank him for his excellent leadership," said Watson.
"I have admired his stewardship of Canada Life Limited and its’ board since joining the company as a non-executive director. We have even further ambition for Canada Life in the UK – it’s a great organisation and a great time to be appointed as chair.”
ruby.hinchliffe@ft.com
