27th Apr 2005 07:23
Egg PLC27 April 2005 Egg plc Board Changes at Egg plc Embargoed until: 07:01h, 27th April 2005 As outlined in its first quarter results announcement to the Stock Exchange thismorning, Egg plc ("Egg") announced that, following its withdrawal from theFrench market and subsequent refocus on its core UK business, it is undertakinga cost restructuring exercise. This restructuring, which will deliver annual savings of £12 million, will seechanges to the Board structure and to the responsibilities of Egg's Executivedirectors, with some senior management roles being made redundant. The changesfollowing this restructure are as follows: Executive Directors At the company's AGM on 16th May 2005, David Doyle, Egg's current ChiefFinancial Officer will be leaving the company. David joined Egg as CFO inOctober 2003. In addition to his core finance accountabilities David haschaired Egg's risk committees, and has directed Egg's conversion toInternational Accounting Standards. David also played a key role in preparingthe company for sale during the process initiated by Prudential in February 2004and, more recently, has been driving action to refocus the company on its coreUK business. Egg's two remaining Executive Board directors are Paul Gratton and MarkNancarrow. Following the restructure, CEO Paul Gratton will take responsibilityfor the Risk, Audit and Legal functions, as well as the overall strategy of theGroup. Mark Nancarrow, currently Egg's Chief Operating Officer, becomes ChiefFinancial Officer and will be responsible for Finance, Treasury and Operations. As previously announced, Executive Vice Chairman Mike Harris will step down fromthe Egg Board following the company's next AGM. Mike will continue to providestrategic advice to Egg's Executive Committee up until he retires from thecompany at the end of January 2006. These changes means that Egg will, ineffect, have halved its number of Executive Board members. Commenting on Egg's restructuring exercise, Paul Gratton, Egg's CEO commented: "We have been exercising strong control over our costs. This restructure alignsour senior management more closely with our strategy which is now fully focusedon the core UK business. "We will be sad to see David leave Egg, but we extend to him our thanks for hiscontribution to Egg and wish him well in the future." David Doyle added: "Egg is an exciting and dynamic financial services brand with a genuine focuson its customers. With the company now re-focused on its profitable UKbusiness, I am looking forward to new and broader challenges. I wish Egg everysuccess in the future." Non-Executive Directors Jonathan Bloomer, who steps down from the Prudential plc Board on 5th May, willalso retire from the Egg Board with effect from 5th May 2005. Prudential plchas indicated its intention to appoint its Group Finance Director, PhilipBroadley, as a replacement Non-Executive Director. His appointment is subject toregulatory approval and requirements. Philip Broadley became Group FinanceDirector of Prudential plc in May 2000 and has wide-ranging experience with someof Europe's leading financial institutions and has particular expertise inregulatory issues. Egg today also announces that Company Secretary and Group Chief Legal OfficerMarcus Ezekiel will also leave Egg following the company's AGM on 16th May 2005. Following Marcus' departure Sue Windridge, currently Egg's Deputy CompanySecretary, will assume the role and responsibilities of Company Secretary. -ends- For further information: Media: Egg Press Office (main number): 020 7526 2600Emma Byrne 020 7526 2565 Analysts / Investors: Kieran Coleman 020 7526 2648 Notes to Editors: Egg: 1. Egg plc is the world's largest pure online bank, providing financial services products through its internet site and other channels. 2. Egg floated on 12 June 2000 and is listed on the London Stock Exchange. Prudential plc holds 78% of the share capital. Mark Nancarrow: 1. Mark Nancarrow is 44 and holds a Degree in Law and Accountancy from Cardiff University. 2. Prior to joining Egg, Mark worked with (the then) Midland Bank for 10 years in a variety of roles, including running its UK credit card business. 3. A qualified accountant, Mark held finance positions at Unilever and Shell earlier in his career. Philip Broadley: 1. Philip Broadley is 44 and read Philosophy, Politics and Economics at St Edmund Hall, Oxford 2. Prior to this, he was a partner at Arthur Andersen where he had been Chief Operating Officer of the UK Financial Services Industry assurance practice with responsibility for audit and risk consulting services to the firm's insurance and banking clients. David Doyle: 1. David Doyle is 39 years old and qualified as an accountant with Arthur Andersen in 1987. 2. David is a Fellow of the Institute of Chartered Accountants in Australia and holds a Bachelor of Business Degree from the Royal Melbourne Institute of Technology. Egg new Board* will consist of: Roberto Mendoza - Chairman and non-executive directorPaul Gratton - Chief Executive OfficerMark Nancarrow - Chief Financial OfficerRonnie Baird - Non-executive director and senior independent directorPhilip Broadley - Non-executive director*Pascal Cagni - Non-executive directorSir Derek Higgs - Non-executive directorLeslie Priestley - Non-executive directorJuan Rada - Non-executive director *Subject to regulatory approval and requirements This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Prudential