12th Jun 2019 13:34
(Alliance News) - Just Group PLC said Wednesday it has hired LV= Finance Director Andy Parsons as chief financial officer.
Parsons is expected to join Just Group, a retirement income specialist, from LV=, a general insurance company also known as Liverpool Victoria, in January, subject to regulatory approval.
Just Group said Parsons' hiring comes after an "extensive search" following Simon Thomas stepping down as the company's CFO in October.
Since October, David Richardson has been in the CFO role in an interim capacity. Richardson was then tasked with becoming interim chief executive officer after Rodney Cook retired from the position in April.
Richardson has been performing both roles on an interim basis. Prior to this, he was deputy CEO & managing director of Just Group's UK Corporate Business.
Prior to joining LV=, Parsons held the roles of finance director, divisional risk officer and life, pensions & investment director for the insurance business of Lloyds Banking Group PLC. He previously worked at Friends Life, AXA and Zurich Financial Services in a number of executive financial roles.
Parsons will join Just Group's board as an executive director.
Chair Chris Gibson said: "The strength and stability of our leadership team is a top priority for the board. The appointment of Andy enhances our executive bench-strength and we look forward to welcoming him to the board in the new year. The CEO search process is proceeding at pace and the Board are committed to making a permanent appointment at the earliest opportunity."
Shares in the FTSE 250 financial services firm were up 1.5% in London on Wednesday at 50.05 pence each.
In mid-May, Just Group said its retirement income sales in the first quarter fell sharply amid a "new regulatory regime" as it shutters its loss-making US operations. The company, however, had said it expects an improved performance in the second quarter due to the "continued growth" of its markets.
As a result of the sharp drop in retirement income and lifetime mortgages, Just Group's total business sales in the period decreased 55% to GBP276 million from GBP617 million.
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