Paternoster boss steps back
PATERNOSTER founder Mark Wood is stepping back from the chief executive position to cut the specialist pensions insurer’s costs.
Wood, who set up the business in 2005, will become deputy chairman and be replaced as chief executive by former commercial director Ed Jervis.
Wood described himself as an expensive resource at a time when the financial crisis had eaten into the insurer’s profits.
Paternoster, which is largely owned by Deutsche Bank and private equity firm Eton Park, was hit hard by the financial crisis and had stopped pursuing new business.
But investors in the firm are now putting an extra £5m into the company, allowing it to retain the capability to write new business once it has raised further money or when there is a significant improvement in the economic environment.
Wood, who previously headed up Prudential’s UK division, has been Paternoster chief executive since 2005.