Insurer Rothesay Life appoints banking finance veteran Naguib Kheraj as chairman

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Naguib Kheraj is the former group finance director of Barclays bank

Rothesay Life has appointed Standard Chartered deputy chair Naguib Kheraj as its new chairman, the life insurer announced today, as part of a shake-up at the top following Goldman Sachs' sale of its stake last year.

The new chair, a former group chief finance officer at Barclays, will succeed Ray King, who wished to commit less time to business. King will remain on the board as a non-executive director.

Dermot McDonogh will step down from the board, after his employer Goldman Sachs sold its final stake last August. The Wall Street giant offloaded a 32.7 per cent stake to investors including US private equity firm Blackstone and Singapore's sovereign wealth fund, in a deal which valued Rothesay Life at £2bn.

Read more: Goldman Sachs sells final stake in £2bn Rothesay Life

Glenn Earle will also leave the board because of other time commitments.

McDonogh and Earle will be replaced by Stan Beckers and Terry Miller, who have joined the board as independent non-executive directors.

Kheraj began his career at Salomon Brothers in 1986, after which he held senior roles at Robert Fleming and served as chief executive of JP Morgan Cazenove, the wealth manager.

He has also served as a non-executive director at NHS England, and as a senior adviser to HM Revenue and Customs and the now-defunct City regulator, the Financial Services Authority.

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