Financial services and travel group Saga Plc appointed Patrick O'Sullivan chairman, effective May 1.

O'Sullivan joins from Old Mutual Plc, where he has been chairman since January 2010 and a nonexecutive director.

Old Mutual said O'Sullivan will continue in his current role until the group has concluded its management separation, which according to the chairman is "nearing its successful completion." The group had said the process is expected to be materially completed by the end of 2018.

Saga said O'Sullivan is not currently interested in shares in the company and will receive a fee of £325,000 per year from appointment. He will not be entitled to any additional compensation or benefits. O'Sullivan will stand for election at the company's next annual general meeting and will take over from Andrew Goodsell, who is due to leave Saga's board April 30.

O'Sullivan is also chairman Lloyd's of London Syndicate 218, a specialist motor insurer in the insurance market.