Read a message to members from our chair, Simon Moore, dated 18 July 2022.
Dear LV= member,
Today we have announced that Mark Hartigan has confirmed his intention to step down as interim chief executive (CEO) and a member of the LV= Board.
The process to appoint a new permanent chief executive is already underway and Mark has agreed that he will remain in his interim role while the search for his successor takes place
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 you - our members - sending a clear message that mutuality remains important to you. 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 there has been significant growth in sales and trading profit.
Now, as we look 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=.
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.
We will keep you updated on the search process for our next permanent CEO.
Rest assured that nothing changes for you – your policies, products and services remain as they are today and we look forward to supporting you to live confident and having you on board for the next chapter in LV=’s story.