(Alliance News) - Saga PLC on Tuesday said Chief Executive Officer Euan Sutherland will depart at the end of January, having led the travel and insurance company through the Covid-19 pandemic.

Saga provides products and services for people aged 50 and over, including cruises and other offering badly hurt by lockdowns and travel restrictions. Sutherland joined as CEO in January 2020, just as the pandemic was about to hit the UK. He had been CEO of clothing retailer Superdry PLC.

He will be replaced as CEO by Chief Financial Officer Mike Hazell, who in turn will be replaced as CFO by Chief Corporate Development Officer Mark Watkins.

Hazell joined Saga in October. He had been interim CFO of Co-op Group and joint CEO of department store chain Debenhams.

Saga shares were down 1.6% to 122.80 pence early Tuesday in London. They are up 28% over the past 12 months, though still down more than 80% since Sutherland took over.

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.