10th Nov 2009 12:57
10 November 2009
Innovation Group plc
("Innovation Group" or the "Group")
Chief Executive steps down
The Board of Innovation Group ("the Board") announces that on 10 November 2009, Hassan Sadiq stepped down as both Director and Chief Executive Officer and has left the Group.
Until a new Chief Executive Officer is appointed, Andy Roberts - currently Non-Executive Chairman - will assume the role of Executive Chairman. Russell Reynolds Associates have been appointed to manage the recruitment process and a further announcement will therefore be made in due course.
The Board reiterates, as stated in the Trading Update issued on 12 October 2009 that it expects adjusted profit before tax to be in line with market expectations and that net cash will be substantially ahead of expectations when the Group announces its preliminary results in early December 2009.
Commenting on the changes Andy Roberts, Executive Chairman, said:
"Hassan has been with Innovation Group since 2001 and has presided over its transformation in to a leading technology-led BPO specialist for the global insurance market. The Board wishes him well and thanks him for his work throughout his term as Chief Executive Officer."
Enquiries:
|
Innovation Group Andy Roberts, Executive Chairman Jane Hall, Group Finance Director |
Tel: +44 (0) 1489 898300 |
|
Financial Dynamics Ed Bridges / Juliet Clarke / Matt Dixon / Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
About Innovation Group
Innovation Group plc (LSE: TIG.L) is the leading provider of enterprise software, business process outsourcing and repair and service network management solutions to the global Property and Casualty industry. Innovation provides contact centres, repair networks, process management, supply chain and technology operations, and decision support analytics, to support accident management, repair and estimation and claims management services.
Innovation has over 1,000 global clients including AXA Insurance, RSA, AAA NCNU, LeasePlan, The Ford Motor Company, Aviva, Toyota (South Africa) and Zurich (UK). The Group processes more than 4 million claims per year with 20% direct claims cost saving achieved. Our 2,400 people are located in United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, Netherlands, Pakistan, South Africa, Spain, United States.
www.innovation-group.com
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