Shares in Saga (LON:SAGA) have been subdued this morning even as the group appointed a finance chief to succeed Jonathan Hill, who was poached by Paddy Power Betfair (LON:PPB) earlier this year. The update comes after the cruises-to-insurance group for the over-50s confirmed last month that Hill will be stepping down from his position as group chief financial officer and as a director of the board on September 28.
As of 10:15 BST, Saga’s share price had given up 0.87 percent to 125.10p, underperforming the FTSE 250 which has climbed marginally into positive territory and currently stands 0.07 percent higher at 20,513.56 points. The lifestyle group’s shares have lost more than 36 percent of their value over the past year, as compared with a near five-percent gain in the mid-cap index.
New finance chief at Saga
Saga announced in a statement this morning that it had appointed James Quin as Group Chief Financial Officer and Executive Director with effect from January 1. Quin will join the company from Zurich Insurance, where his most recent role has been UK Chief Financial Officer.
“I am delighted to have recruited someone of James’s experience and calibre as CFO,” the lifestyle group’s boss Lance Batchelor commented in the statement, adding that Quin “has extensive strategic, investor and operational finance experience within the Insurance industry”.
Analysts on lifestyle group
The six analysts offering 12 month price targets for Saga for the Financial Times have a median target of 150.00p on the shares, with a high estimate of 195.00p and a low estimate of 125.00p. As of September 14, the consensus forecast amongst 6 polled investment analysts covering the blue-chip group has it that the company will outperform the market.