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It was exactly a week ago that we reported on the shares of insurance and breakdown provider the AA nosediving 28% after it announced a dividend cut along with a profit warning. Now the roadside assistance firm has made a U-turn in terms of trading, following a major appointment.
Shares rose 8.2% to 79.5 pence on Wednesday, according to Stock Market Wire, which attributed the ascent to Cathryn Riley's appointment as non-executive director.
Riley is the chair of the AA's insurance broker – a position she's held at AA Insurance Services Ltd since 2016. Effective immediately, she is moving on to assume her new director role at AA Plc.
“I am delighted that Cathryn has agreed to join the board at this time,” Alliance News quoted the AA chair John Leach as saying. “She has been a great asset to the AA as chair of our insurance broker. She is an experienced non-executive director with focus in insurance, financial services, and IT transformation which will provide further strength and depth to the board.”
The industry veteran, who worked at the likes of Bupa and CGU Insurance, was with Aviva for more than a decade and served as group chief operations director before leaving the firm in 2013. Riley is also a non-executive director at International Personal Finance Plc, Chubb Underwriting Agencies Ltd, Chubb European Group Ltd, and Equitable Life Assurance Society.
“I believe that she will bring valuable experience and perspective,” said Leach.
