Saga has appointed Euan Sutherland to the role of group chief executive, with effect from January 6th.

As announced earlier this year, Lance Batchelor is retiring and will continue as a statutory director until he leaves the business on January 31st.

Sutherland has substantial experience having led major consumer-facing businesses, including financial services, through periods of change, both in the UK and internationally.

Most recently he was the chief executive of Superdry, the global digital brand, for five years.

In that time Sutherland led a strategy focused on customer insight, innovation and digital, international and wholesale expansion.

Prior to this he was the group chief executive of the Co-op Group, the mutual retailer, insurance and funeral services business where he led a significant transformation programme resulting in a more efficient and profitable business.

Patrick O’Sullivan, Saga chairman, said: “I am very pleased that Euan is joining Saga at this important time in the development of the business.

“He has substantial experience across several consumer-facing businesses that will be invaluable as we continue the Saga transformation, with our customers at the heart of our strategy.”

He added: “Alongside the recent appointments of Cheryl Agius as chief executive of insurance and Gilles Normand as chief operations officer, the board has every confidence in the team now in place to lead and accelerate Saga’s turnaround strategy.

“On behalf of the board I would like to thank Lance for focusing on reinvestment over the last six years and for launching our membership scheme, Saga Possibilities, and wish him well for the future.”

Saga is a specialist in products and services for people aged 50 and over.

Sutherland added: “I am hugely excited to join Saga.

“This is a unique British brand that has a strong heritage, great people and significant potential.

“I look forward to working with the board and the whole of the Saga team to further unlock this potential and deliver for our customers and shareholders.”

Saga has seen its share price fall from 179 pence per share to 49 pence per share over the past two years, with Sutherland hoping to arrest the decline.