PRIVATE equity-backed insurer Saga yesterday named Domino’s Pizza boss Lance Batchelor as its new chief executive.
Batchelor, a former Royal Navy submarine officer and Domino’s chief executive since December 2011, will leave the fast food chain in April to join Saga, almost four years after he first joined Domino’s as a non-executive director.
Batchelor’s departure was announced to the market on Friday, leading Domino’s shares down nearly 10 per cent by the end of the day.
The appointment will see long standing executive chairman and current chief executive Andrew Goodsell – who has led Saga for the past decade – roll back his executive duties and take on the chairman’s role.
The move comes ahead of Saga’s highly anticipated float next year, which could raise up to £3bn.
The over-50’s insurer and holiday provider is on the cusp of being carved out from its holding company Acromas, which is backed by a private equity consortium.
Acromas, co-owned by CVC Capital, Charterhouse and Permira, also houses roadside recovery AA, which will be sold after the Saga float.
The insurer had been considering a float in April but Batchelor’s appointment in May could suggest the date for an initial public offering has been pushed back to the summer.