LV= has appointed two new non executive directors to its board as Seamus Creedon takes over as interim chairman.
The mutual announced today that Alan Cook has stepped down as chairman with Seamus Creedon becoming interim chairman with immediate effect, while Suzy Neubert and former Financial Ombudsman Service chief executive, Natalie Ceeney, CBE have been appointed as independent non-executive directors.
Subject to regulatory approval they will join the board on 1 March and replace David Barral, Alison Hutchinson and Luke Savage who confirmed their intention to step down earlier this year. Cook announced he would be stepping down late last year following the collapse of the mutual’s proposed £530m sale to Bain Capital which LV=’s board has since taken full responsibility for.
Ceeney was chief executive officer of the Financial Ombudsman Service between 2010 and 2013 and has held non-executive roles on the boards of FCE Bank, Anglian Water Group, Innovate Finance and Countrywide.
Neubert is currently senior independent director of Witan Investment Trust, a non-executive director of Jupiter Fund Management and of ISIO the pensions & actuarial firm. Her executive roles have included managing director of equities at Merrill Lynch followed by 14 years as global head of sales & marketing at J O Hambro Capital Management.
Commenting on today’s developments, Creedon said: “I would like to place on record my gratitude to my outgoing colleagues for the service they have given LV= during their time on the board. Our members benefit from a thriving and successful LV=.
“As interim chair, my first task in refreshing the board was to bring in new directors who will continue to develop LV= as a growing mutual insurer. In Natalie and Suzy we have two highly experienced, independent directors who will bring a wealth of expertise to the board.
“The process to recruit a permanent chair is also underway and we are seeking an established chair with extensive commercial and technical knowledge of life insurance or wider financial services and experience of diverse business models.”
Ceeney said: “LV= is an historic brand with an impressive history and strong heritage. I look forward to working with board colleagues to grow and develop LV= as a sustainable mutual insurer, putting customers at the heart of LV=’s future.”
Neubert added: “This is an exciting time for LV= and an opportunity to put the company on a stronger footing for the benefit of our members, employees and our wider communities. It’s a story of which I will be proud to play a part.”