Sir Malcolm Williamson, the former chairman of Clydesdale Bank, was today named as the new chair of quoted life assurance company Resolution.
Williamson has been chair of Resolution’s Friends Life subsidiary since February 2010 and is expected to take up his new role in March, when the two firms combine their boards.
Subject to approval from the Financial Services Authority, he will replace Mike Biggs, the former Aviva finance director who became chairman of insurance giant Direct Line in April.
Biggs said: “Sir Malcolm’s experience as a chairman, as well as his understanding of the group’s operations, its people and its regulatory and governance framework, will equip him well to lead the company in the future.”
Williamson retired from Clydesdale in July and was replaced at the Glasgow-based bank by Cameron Clyne, chief executive of parent company National Australia Bank.
He is currently paid an annual fee of £300,000 for his role as Friends Life chairman. This will rise to £360,000 when he takes the helm of Resolution.