UK's Saga appoints finance chief Hazell new CEO as Sutherland steps down

(Reuters) -UK's Saga said on Tuesday Euan Sutherland would stand down as the over-50s tourism and insurance company's chief executive officer and would be replaced by Mike Hazell, who took over as the group CFO just a month ago.

Hazell, 50, will assume the new role with immediate effect, while Sutherland will stay on until Jan. 31 to support the transition to new leadership, Saga said.

"I am delighted to take over from Euan (Sutherland) and will continue to deliver against the group strategy to maximise the performance of our existing businesses and reduce debt," Hazell said in a statement.

Mark Watkins, currently group chief corporate development officer, will take up the CFO role.

Saga said Sutherland had informed the board earlier this year of his intention to stand down from the CEO position.

Sutherland, who joined Saga from fashion retailer Superdry in January 2020, had launched a new strategy at the holiday group and also steered the firm through the pandemic.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips)