Saga plc announced that, after four years with the business, Euan Sutherland will be standing down as Group Chief Executive Officer. Following a thorough internal and external process, the Board announced that he would be replaced by Mike Hazell, currently Group Chief Financial Officer. Mike, in turn, will be succeeded by Mark Watkins, currently Group Chief Corporate Development Officer.

Euan informed the Board of Saga earlier this year that he believed the time was right time for him to stand down, allowing for the appointment of a new CEO to take Saga onto the next phase of its development. After joining Saga in January 2020, Euan stabilised the business, launched a new strategy and significantly strengthened the leadership team. He steered Saga through the COVID-19 pandemic and oversaw detailed work to strengthen the brand and identify new income streams. Mike, who joined Saga on 9 October 2023, has more than 25 years of multi-sector experience in a variety of executive roles.

Most recently Interim CFO at The Co-op Group, he was previously Joint Chief Executive Officer of Debenhams, the retail chain and had held senior roles at BSkyB and Pfizer. Mark, a chartered accountant, has held a series of senior roles across finance, strategy and investor relations in a 20-year career at companies including Saga, Intertek, Secure Energy Services, Bovis Homes and Deloitte. Mike and Mark, who have been working closely together since Mike's arrival at Saga, will assume their new roles with immediate effect; Euan will stay on until 31 January 2024 to support in the transition to new leadership.

The effective date of resignation of Euan Sutherland as a statutory director is confirmed as 28 November 2023.