Close Brothers has appointed Mike Biggs as an independent non-executive director and chairman designate of the group, succeeding Strone Macpherson who will step down 30 April this year.

Macpherson said: “I am delighted to announce the appointment of Mike as chairman of Close Brothers. He comes with a strong reputation and broad experience of the financial services industry, and I am confident he will be a great asset to the organisation.”

Biggs has over 40 years’ experience in financial services, and has served as chairman of Direct Line Insurance Group since 2012.  Prior to this, Biggs was chairman of Resolution Limited, a life assurance group acquired by Aviva.

He has also acted as chief executive officer and group finance director at Resolution, and served as group finance director of Aviva before this.

Biggs said: “I am honoured to have been appointed chairman of Close Brothers…and I look forward to overseeing the continued evolution of its successful business model over the coming years.”

Biggs will become chairman of the board and chairman of the nomination and governance committee effective 1 May 2017.