insurance company LV = veteran of finance Simon Moore has been appointed its new chairman.
He will replace interim chairman Seamus Cridan, who has overseen the group since February this year and will continue to serve as non-executive director on the LV = board.
The move will be seen as an attempt to stabilize the ship’s course, as only this week the company’s customers again called on CEO Mark Hartigan to resign immediately after his failed attempt to sell the mutual insurer to US private equity firm Bain. Capital. Hartigan earns more than £ 1 million a year in his current position.
Only 69% of members voted in favor of the £ 530 million deal. The company said it needed 75% to make a deal. It is clear that a colleague of insurance Royal London was negotiating a sale with the companyy.
Creedon has replaced former chairman Alan Cook, who left the company after a failed sale attempt.
Moore has extensive experience in the UK life insurance and asset management sector after a 30-year career in management positions in a wide range of financial institutions. These include Lloyds Banking Group, Chase Manhattan Bank, ABN AMRO, Barclays Bank and the Confederation of British Industry (CBI).
At Chase Manhattan Bank he was a member of the global insurance team in London and New York, working in life, general insurance and reinsurance. At ABN AMRO, he focused on insurance and client asset management.
He is currently chairman of the PCF Group, RCI Bank UK and Cambridge & Counties Bank.
Creedon said: “As well as his extensive commercial and technical knowledge in life insurance and financial services, [Simon] has a great track record that helps businesses grow and thrive for all stakeholderss.
“It has been an honor for me to be interim chairman since February, and I very much hope to work with Simon to ensure a smooth transfer.”
Moore added: “I was drawn to the strength of the LV brand = and mutual spirit, and I will focus on building a strong and thriving business for the benefit of our members, consultants and employees.
“As chairman, I am determined that LV = will put its members at the heart of everything we do as we move business forward.”
LV = appoints Chairman Moore amid constant calls from the CEO to resign
Source link LV = appoints Chairman Moore amid constant calls from the CEO to resign