The FTSE 100 firm said Thakrar will step down 'at a date to be agreed in 2024'Stephanie Bruce will join in June and takeover as interim CFO

Phoenix Group has kickstarted the search to permanently replace its chief financial officer Rakesh Thakrar, who will step down in 2024 after four years in the role.

The FTSE 100 insurance group did not offer a reason for Thakrar's departure but told shareholders he will step down 'at a date to be agreed in 2024'.

Stephanie Bruce, former CFO of asset manager Abrdn, will takeover on 17 June on an interim basis.

The FTSE 100 firm did not offer a reason for Thakrar's departure but said he will step down 'at a date to be agreed in 2024'

Bruce has previously held positions as a non-executive director at Phoenix and as a partner at PwC, where she led the financial services assurance practice.

Andy Briggs, chief executive officer of Phoenix, said: 'We thank [Thakrar] for his significant contribution to the group's journey to become the UK's largest long-term savings and retirement business, which has included his oversight of a number of transformational projects.'

Last month, the company told investors it now expects to post profits of £900million by 2026.

The SunLife owner also wants to achieve £250million in annual costs savings over the same time period and pay down £500million of its debts, which have been driven by the group’s acquisition strategy.

The group, which specialises in acquiring and optimising old portfolios of life insurance policies, has benefited from a booming UK bulk annuities market, whereby insurance firms buy pension obligations from corporations looking to derisk.

Britain’s bulk annuity market hit a record high above £50billion last year and is expected to top that in 2024, as higher interest rates make it less costly for schemes to buy the insurance.

Phoenix shares were down 2.11 per cent to 509.50p in Monday morning trading.