LV= appoints new chair as insurance mutual’s CEO faces calls to quit
LV= has appointed Simon Moore as its new chair, as the insurance specialist’s chief executive faces renewed calls to step down.
Moore, who presently holds the position of chair at consumer lending firm PCF and digital bank RCI Bank UK, will succeed interim chair Seamus Creedon.
Moore said he was “determined” that the legacy firm would “put its members at the heart of everything we do.”
“I am honoured to be taking the chair of such a distinguished British business and at such an important time in LV=’s 179-year history,” he 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.”
Cross-party MPs have called on top boss Mark Hartigan to exit the firm.
The calls come as Hartigan has faced consistent pressure to leave the firm, after LV= members blocked a bid to sell the mutual insurer to US private equity firm Bain Capital last year, CityA.M. reported.
The failed takeover deal opened a rift within the 179-year-old mutual which has seen the insurer’s members lead a grassroots campaign against LV=’s senior management.
In an interview with the Mail on Sunday, Tory MP Kevin Hollinrake said: “It is high time Mark Hartigan left the company. Every day he stays he’s earning more of members’ money, and any delaying is only acting in his interests,” Hollinrake said.