Saga chairman Andrew Goodsell is to retire in 2018 after 26 years with the business.
The senior independent director, Orna NiChionna, will initiate a process to appoint his successor as chairman with immediate effect.
After a period of handover, Goodsell intends to leave the business by next May.
Goodsell joined Saga in 1992 and became group chief executive and chairman in 2004 and non-executive chairman in 2015, overseeing Saga’s flotation on the London Stock Exchange in 2014.
He said: "I have enjoyed my time at Saga immensely and am extremely proud of what we have
achieved as a company.
“I have decided to step down as chairman four years after flotation in the knowledge that Saga has a very strong management team and board which will take the business forward."
Lance Batchelor, group chief executive, added: "Andrew has played a key role in Saga for many years. I would like to thank him personally for his invaluable support and counsel since I joined the company in 2014."