Mark Austen, the chairman of major insurance firm LV=, has announced his plan to step down after serving for four years in the role and a decade on the company board.
According to the
Financial Reporter, Austen will be replaced by veteran finance services executive Alan Cook, who has been appointed as independent non-executive director and chairman-designate.
Austen said it is also a “natural time” for him to stand down from the board following the appointment of Richard Rowney as LV= chief executive in 2016.
“It has been a privilege to serve on the board for the last 10 years,” the
Financial Reporter quoted Austen as saying. “I am immensely proud of the transformation of LV= into the successful and profitable mutual that it is today, a business with a special place in the financial services market.”
“I very much look forward to working with Alan over the next six months to ensure a smooth and orderly handover,” Austen added.
Cook brings extensive financial services experience across insurance, banking and investments to LV=. He is currently the chairman of Permanent TSB Group in Dublin.
Cook most recently served on the board of Met Life Europe and as deputy chairman of Sainsbury’s Bank. He was also a non-executive director at the Financial Ombudsman Service and Office of Fair Trading.
“His broad retail financial services experience will be a real asset to the Society,” Austen said of Cook.
Cook will put himself forward for election as chairman at LV=’s annual general meeting in June.
“Mutual organisations like LV=, with their values and longer-term view, have an important role to play in today’s volatile financial world and I look forward to working with my board colleagues to continue delivering value for our members and customers,” Cook said.
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