Direct Line CEO steps down

Direct Line CEO Paul Geddes will leave next summer after ten years in the role.

Geddes, who led the company’s separation from the Royal Bank of Scotland as well as the insurance firm’s floatation on the stock market, said that as he approaches his “tenth anniversary, it is right to put a successor in place to lead the company in the years ahead.”

Geddes’ departure has come after news of a 16% drop in first-half year profits and losses of £65m – perceived to be due to this winter’s “beast from the east” which sparked an increase in weather-related claims.

Chairman Mike Biggs said the insurer has a “well-developed” succession plan and will start looking for a new CEO and have a replacement ready in time for Geddes’ leaving.