nsurance company LV= has appointed financial veteran Simon Moore as its new chairman.
He will succeed interim chair Seamus Creedon who has overseen the group since February this year and will continue in his role as a non-executive director on the LV= board.
The move will be seen as an attempt to steady the course of the ship as just this week customers of in the company yet again called for CEO Mark Hartigan to step down immediately following his abortive attempt to sell the mutual insurer to US private equity firm Bain Capital. Hartigan earns more than £1 million a year in his current post.
Only 69% of members voted to back the £530 million deal. The company said it had required 75% to see the deal through. Fellow insurer Royal London is understood to have engaged in sale talks with the company.
Creedon replaced former chairman Alan Cook who left the company following the botched sale attempt.
Moore has solid experience in the UK life insurance sector and asset management following a 30-year career in executive roles at a wide range of financial institutions. They 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 across life, general insurance and reinsurance. At ABN AMRO he focused on insurance and asset management clients.
He is currently chair at PCF Group, RCI Bank UK and Cambridge & Counties Bank.
Creedon said: “As well as his extensive commercial and technical knowledge of the life insurance sector and financial services, [Simon] has a strong track record helping businesses to grow and prosper for all stakeholders.
“It has been a privilege to serve as interim chair since February and I very much look forward to working with Simon to ensure a smooth handover.”
Moore added: “I was attracted to the strength of the LV= brand and mutual ethos, and my focus will be on building a strong and thriving business for the benefit of our members, advisers and employees.
“As chair, I am determined that LV= will put its members at the heart of everything we do, as we drive the business forward.”