LV= LV= ANNOUNCES BOARD CHANGES (8616A)
07 February 2022 - 5:59PM
UK Regulatory
TIDM51II
RNS Number : 8616A
LV=
07 February 2022
LV= announces Board changes
Liverpool Victoria Financial Services Ltd (LV=), the 179 year
old mutual insurer, today announces several changes to its Board of
directors.
With effect from 01 April 2022, and subject to regulatory
approval, Seamus Creedon will take over as interim chair from Alan
Cook who indicated his intention to step down following the special
general meeting on 10 December 2021.
David Barral will reach the end of his six year term on 07 March
and will therefore step down from the Board. In addition, at the
end of March Alison Hutchinson and Luke Savage will also step down
as non-executive directors and members of the Board.
Seamus Creedon said; "LV= is owned by over 1 million members and
it is humbling that over 174,000 voted on the proposed transaction
which the Board put to them in good faith last year. We felt it
right to take time to understand the message members gave the
board. Put simply, our members told us that what they viewed as the
modest financial advantages of the transaction, were not worth the
loss of ownership and voting rights for our million-plus
members.
"My task as interim chairman is to replace valued colleagues
with a new chair and directors who will continue to develop LV= as
a modern mutual insurer. I will be working closely with Mark
Hartigan who has been doing an excellent job in strengthening the
performance of the business. The board takes full responsibility
for the unsuccessful transaction which Mark actively advocated on
its behalf and my colleagues and I have high confidence in him and
his team.
"Since the vote we've been listening to feedback from our
members that many value our brand and proud history as a mutual,
and are keen to see these continue. We have a strong balance sheet
and have refocused our planned IT investment to continue to
carefully manage our capital in order to sustain value for members.
The uncertain course of the pandemic has renewed customers'
interest in insurance and income protection and we believe as a
mutual in standing ready to meet those needs.
"We share a common interest with Royal London in a healthy and
vibrant mutual sector so that we can both compete fairly with
shareholder-owned firms. We have had, and continue to have,
discussions with Royal London about if and how we can co-operate to
the benefit of both sets of members and the mutual sector. In the
meantime, we will continue to strengthen our independent business
for the benefit of our existing and future policyholders."
Ends
For further information, please contact:
Jon Sellors (LV=) 07711 701 806 jon.sellors@lv.com
David Gwyer (LV=) 07798 796 907 david.gwyer@lv.com
Ed Berry (FTI) 07703 330 199 edward.berry@fticonsulting.com
Tom Blackwell (FTI) 07747 113 919 tom.blackwell@fticonsulting.com
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