16th Feb 2015 15:05
LONDON (Alliance News) - CPPGroup PLC Monday said Chief Executive Officer Brent Escott has stepped down with immediate effect.
The group said it will now commence the search for a successor, but in the interim, Eric Anstee will assume the role of executive chairman. Anstee was appointed non-executive chairman of the company at an extraordinary general meeting last month, replacing Duncan McIntyre.
"As the group moves forward to the next stage of its development with a clear focus to realise the future commercial opportunities that exist, the board believes this is best undertaken by new leadership," the company said in a statement.
CPP said that since Escott's appointment of CEO in August 2013, he has stabilised the group, improved processes, strengthened regulatory relationships, and significantly reduced the group's cost base.
"The group has progressed during Brent's tenure and under his leadership and guidance CPP has been successfully repositioned for the future," said Anstee in the company's statement.
CPP is trying to recover after it was rocked by its part in a scandal that saw its products mis-sold to clients through a number of the UK's high street banks, that resulted in a GBP1.3 billion compensation scheme being set up.
CPP shares were trading 0.5% lower Monday afternoon at 4.33 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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