Euan Sutherland will become chief executive of the company, which specialise in a range of services for more mature customers, including travel, on 6 January.
He is replacing Lance Batchelor, who is retiring from the role after more than five years. Batchelor is remaining as a statutory director until he retires on 31 January.
“I am hugely excited to join Saga,” said Sutherland. “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.”
Sutherland has previously worked as the chief executive of Superdry and The Co-op Group, group chief operating officer and UK chief executive at Kingfisher and at Mars and Coca-Cola earlier in his career.
He is also a non-executive director of Britvic.
Saga chairman Patrick O’Sullivan 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.”
O’Sullivan also thanked Batchelor for his time with the company and wished him well in the future.
Saga has also recently appointed Cheryl Agius as chief executive of insurance and Gilles Normand as chief operating officer.
