OneFamily has appointed Jim Islam as chief executive.
Islam (pictured) succeeds Teddy Nyahasha later this year, who is stepping down after three and half years in the role.
Islam has been chief financial officer and a member of the over 50s life insurer’s board of directors since 2020.
His appointment is subject to regulatory approval.
A qualified actuary, Islam has over 20 years’ leadership experience in the insurance, investment management, savings and pensions sectors.
Before joining OneFamily, he held senior finance and general management roles at Lloyd’s of London and Legal & General. In his managing director and finance director roles in these organisations covering the UK, France and global businesses, he built businesses, and transformed financial, capital and operating performance.
He will be succeeded by Philippa Herz as CFO, subject to regulatory approval. She is a qualified actuary and has been chief risk officer at OneFamily for seven years. Prior to this she held senior roles at Bupa, Friends Life and Legal & General.
Steve Colsell, chairman of the board at OneFamily, said: “The board is delighted to appoint Jim Islam as the new CEO at OneFamily later this year.
“Jim’s experience and understanding of our business, coupled with his passion for financial inclusion and his commitment to our core values, means he was the unanimous choice for the board.
“I am equally delighted that Philippa Herz will be appointed as CFO. Philippa’s wealth of experience means she’ll add a huge amount of value to her new position.
“The board thanks Teddy for his vision and leadership over the past seven years, notably during his three and a half years as CEO, which strengthened the foundations for OneFamily’s future success.”
Islam said: “I am honoured to be given the opportunity as the new CEO at OneFamily, especially at such an exciting time for the organisation. I’m looking forward to working with the board and with my colleagues to build on our strong foundations and accelerate OneFamily onwards and upwards.
“With our recent acquisition of Beagle Street, big investment in our IT infrastructure and our 50th anniversary on the horizon, it’s a pivotal time to be part of OneFamily and I’m excited for the future.”
Nyahasha added: “It’s been my pleasure to lead this business over the past three and a half years.
“Jim and I have worked closely together during this time and he’s fully invested in moving OneFamily forwards in its growth trajectory and shares my commitment to our mutual values and social purpose.
“I am confident I’ll be leaving the business in the best possible hands.”