The chairman of price comparison website Moneysupermarket.com has stepped down after five years in the role.

Bruce Carnegie-Brown will also stand down from the board at the company’s annual general meeting in June.

The insurance broker and former investment banker has served on the board for the last nine years and is also chairman of the insurance market Lloyd’s of London and vice-chairman of Banco Santander.

Robin Freestone, who has been a non-executive director of Moneysupermarket.com since 2015 and has served as a non-executive director and senior independent director of Cable & Wireless Communications, will succeed him as chairman.

"It has been a privilege to chair Moneysupermarket Group over the last five years and to have served on the board for nine years,” said Carnegie-Brown.

“Robin is the ideal person to work with the management team on the next phase of the company's development. I am confident of the company's continuing success."

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Senior independent director Sally James led the search for Carnegie-Brown's successor and noted: "We are very grateful to Bruce for his wisdom and guidance over the last nine years, during which time Moneysupermarket Group has achieved so much.

"Robin has a wealth of experience of online and digital businesses, and is well equipped to be an excellent chairman for Moneysupermarket Group.”

The group also announced that profits grew 14 per cent in the calendar year 2018 to £94.9 million, with revenues climbing eight per cent to £355.6m. 

In a statement to the London Stock Exchange, it announced an intention to return an additional £40m to shareholders in 2019, saying it had delivered "record levels of switching".

Mark Lewis, Moneysupermarket Group CEO, said: "In 2018 we made great progress on our 'reinvent' strategy.  As well as growing the business, we helped save customers a record £2.1bn.

"Our investment in optimising our sites means we have made saving even easier.

"In 2019 we are taking price comparison to the next stage by offering people more personalised ways to save and on more of their household bills."