Stace, who is currently Saga’s chief strategy officer, takes up his new position immediately and will oversee Saga’s cruise and touring businesses, particularly the “safe return to service as soon as government restrictions on travel are lifted”.

Stace said: “My number one priority in my new role is ensuring that our travel businesses are ready to provide exceptional experiences to our customers when the current restrictions are lifted.

“We know that the demand is there, because our customers are enthusiastically rebooking in both cruise and tours and we have worked to ensure we have detailed, industry-leading procedures ready for a Covid world.”

Before joining over-50s specialist Saga, Stace was chief executive at both The Prince’s Trust and the Royal College of Veterinary Surgeons. Earlier in his career, he led strategic communications for Gordon Brown when he was prime minister.

Euan Sutherland, Saga Group chief executive, added: "I am delighted that Nick is moving to head our travel business after successfully driving our strategic reset.

“With a new strategy in place and a significantly enhanced financial position, we see a wealth of opportunities ahead of us as we position Saga to deliver sustainable growth and create significant long-term value.

“Nick brings a wealth of experience that will be invaluable for the next phase of development of our travel business.”