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."