30th Dec 2008 11:45
Chesnara plc30 December 2008Directorate Changes
Chesnara plc announces today the retirement with effect from 31 December 2008 of Christopher Sporborg, chairman of Chesnara plc.
With effect from 1 January 2009, Peter Mason, currently Senior Independent Director, will become Chairman of Chesnara plc and chair the Nomination Committee. Michael Gordon will become Senior Independent Director and chair the Remuneration Committee.
Also from 1 January 2009, Peter Wright, currently a Director of Countrywide Assured plc, Chesnara's main subsidiary, will become a non-executive Director of Chesnara plc. He will also chair the Audit Committee. Peter retired as a principal of Towers Perrin on 1 January 2008 and is a former Vice President of the Institute of Actuaries.
Petrer Wright holds 20,000 Ordinary 5p shares in Chesnara plc, representing 0.02% of the shares in issue
There is no other information to be disclosed under the requirements of listing Rule 9.6.13 in relation to the appointment of Peter Wright.
The Board wish to acknowledge the significant contribution that Christopher has made to Chesnara plc and wish him well for the future.
Ends
For further information please contact:
Graham Kettleborough
Chief Executive, Chesnara plc 07799 407519
Michael Henman
Cubitt Consulting 0207 367 5100
About Chesnara plc
Chesnara plc, which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA'). CA is a life assurance subsidiary that is substantially closed to new business. In June 2005 Chesnara acquired City of Westminster Assurance ('CWA') for ‚£47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc. Chesnara's operating model is to maintain a relatively small governance team and outsource the majority of its back office functions. Chesnara continues to seek acquisition opportunities in the financial services sector.
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