REG - LV= Liverpool VictoriaFS - Directorate Change

Max Financial ServicesAnnouncement

18/07/2022 08:15

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RNS Number : 7753S  LV=  18 July 2022

For immediate release - 18.07.22

 

LV= chief executive to step down

 

Savings, investment and protection provider LV= today (Monday 18 July 2022)
announced that Mark Hartigan, LV= chief executive, has confirmed his intention
to step down as interim chief executive and a member of the board.

The process to appoint a new, permanent, chief executive is already underway.
 Mark has agreed that he will remain in his interim role while the search for
his successor takes place.

Simon Moore, LV= chair, said:

"Mark was engaged on an interim basis to perform two discrete business tasks.
The first, and most important, was to improve the underlying commercial
performance and fundamentals of the business. The second was to carry out a
full strategic review as instructed by the board - which ultimately led to the
proposed transaction with Bain Capital.

"That transaction did not proceed, with members sending a clear message that
mutuality remains important to them.  Mark has led a successful turnaround of
the business, in our recent 2021 financial results we announced that we
outperformed both in terms of our new business volumes and that there has been
significant growth in sales and trading profit.

"He has built a strong executive team with a culture that places members at
the core of the brand. Under his leadership the company is now trading
profitably and has won significant market share.

"Under Mark's leadership, LV= has strategically refocused away from mass
market offerings to targeted and under-served markets such as:

·    Helping families to build financial resilience with Income and
Critical Illness protection;

·    Offering a wider and fully smoothed range of low volatility
investment solutions to support people up to and into their retirement; and

·    Helping people to access housing wealth in retirement bringing Equity
Release as a central pillar of later life financial planning.

This has proven to be a successful strategy and LV= will be developing these
opportunities further and has plans to extend its reach to achieve greater
customer access.

"With LV= now looking forward to the future with confidence, the board and
Mark have agreed that the time is right to appoint a permanent chief executive
to build on this platform and further develop a sustainable mutual future for
LV=. I will be leading the search process with support from Russell Reynolds
Associates.

"On behalf of my fellow board members I would like to thank Mark for
everything he has done during his time as LV= chief executive."

 Mark Hartigan said:

"LV= is an outstanding company with a prosperous and dynamic strategy and
outstanding employees who serve this mutual's membership with passion and
professionalism. Thanks to the progress of our plan to transform the business,
and despite challenging trading conditions, it is now well capitalised and
clear in its future plans. With a strong leadership team in place and a clear
plan for the future it is the appropriate time for me to step aside as interim
chief executive.

"I express my gratitude to the board of LV= who charged me with very specific
and fundamental tasks when I was appointed.  I, particularly, want to thank
the employees of LV= who have been absolutely key to putting this hugely
important business back on a much firmer footing."

Ends

 

For more information please contact:

David Gwyer, david.gwyer@lv.com (mailto:david.gwyer@lv.com) , 020 7634 4311

Candice South, candice.south@lv.com (mailto:candice.south@lv.com) , 020 7634
4497

 

About LV=:

LV= is a leading retirement and protection specialist. When we started in 1843
our goal was to give financial security to more than just a privileged few and
for many decades we were most commonly associated with providing a method of
saving to people of modest means. Today we follow a similar purpose, helping
people to protect and provide for the things they love, although on a much
larger scale and through a wide range of financial services including
insurance, investment and retirement products.

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria
Financial Services Limited (LVFS) and trading styles of the LV= Group of
Companies.Liverpool Victoria Financial Services Limited, registered in England
with registration number 12383237 is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority, register number 110035. Registered address: County
Gates, Bournemouth, BH1 2NF.

 

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