Saga has announced that chief executive Lance Batchelor is to leave, following a turbulent few months for the group.
The company, which specialises in products for the over-50s, issued a profit warning in April, saying that competition in insurance meant it would have to cut prices sharply.
The shares lost more than a third of their value on the day of the warning, and at the time, one investor said that management “have to take responsibility for this. It is not the first time they have let us down.”
On Wednesday Saga said that Mr Batchelor, who is 55, would retire at the end of the current financial year in January 2020, after six years with the company.
Mr Batchelor said: “It has been a huge privilege to lead Saga. I am very proud of the journey we have taken to modernise the business and refocus it on customers. We now have enhanced products and the infrastructure needed for a sustainable and healthy future.”
Saga said that a search was under way for his successor.
Mr Batchelor, who previously led Tesco Mobile and Domino’s Pizza, joined Saga in March 2014 and led the company through its IPO later that year. The shares floated at 185p but closed yesterday at 42p.