14th Nov 2007 07:02
Friends Provident PLC14 November 2007 Friends Provident plc announces the resignation of the Group Chief Executive andplans for a strategic review Friends Provident plc (Friends Provident) announces that Philip Moore, the GroupChief Executive of Friends Provident, will be leaving the group. Until a fulltime successor is appointed, Sir Adrian Montague will take on the role ofExecutive Chairman. Jim Smart, the Group Finance Director, will work with Sir Adrian Montague tolead a detailed review of the group's strategic options in order to maximisevalue for shareholders. Ben Gunn and Alain Grisay will continue to lead,respectively, the group's life & pensions and asset management businesses. TheBoard intends to update shareholders on the strategic review by the time of thefourth quarter new business results at the end of January. Sir Adrian Montague said: "This has been a challenging year for the group andits management team. We remain confident of the group's prospects. However, itis right that we should take a hard look at the group's strategy to ensure thatwe are delivering the highest value available to our shareholders. The Board hasconcluded that this requires a change in the management team. Philip Moore hasbeen with the group since 2003, first as Group Finance Director and then asGroup Chief Executive. I would like to thank Philip for the substantialcontribution he has made to Friends Provident and wish him well for the future." For further information, please contact: Nick Boakes+44 (0) 845 641 7814Friends Provident plc James Murgatroyd+44 (0) 20 7251 3801+44 (0) 7768 254 911Finsbury Limited This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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