Beasley to step down as CFO

Specialist insurer Beazley has today revealed that its long-time chief financial officer Sally Lake has informed the board of her intention to leave the business in 2023.

Commenting on his decision, Lake said: “As I approach the end of five years as CFO and 18 years at Beazley, I believe there is now an opening for my successor on the Board, Now is the right time to start a formal search. Beasley’s continued success remains my priority and I look forward to delivering on our goals and focusing on a structured handover to my successor in 2024.

In a press release, Beasley revealed that the board will now conduct a “systematic process” for an external successor, which will be completed during Lake’s 12-month notice period.

Beazley CEO Adrian Cox said Lake’s commitment to an “orderly succession” would conclude his remarkable career at Beazley. He said that he and Lake have been colleagues at Beasley for more than 17 years and that he will miss working with him.

“He is an outstanding colleague and role model who is dedicated to delivering on Beasley’s sustainable development agenda,” he added. “We would like to thank Sally from the bottom of our hearts for her leadership and valuable contributions as she departs next year and wish her every success in her next chapter.”

Cox said he looks forward to presenting Beasley’s half-year results and capital strategy with Lake on September 7, 2023. In the meantime, he said, the insurer’s guidance on growth, combined ratios and positive outlook for the business will remain unchanged.

Clive Bannister, Chairman of Beazley plc, also commented on the news, saying: “The Board takes this opportunity to thank Sally for her significant contribution to the success of Beazley.”

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