18 Apr 2018 07:00
IFG Group plc ("IFG" or the "Group")
Announcement of New Leadership Team
18th April 2018
This announcement contains inside information.
The Board of IFG (the "Board") announces a new Group leadership team. Over the last three years, the composition of the Group has shifted significantly following its successful exit from its non-UK operations to focus on the attractive and growing UK wealth management and intermediary platform markets. In the light of this evolution, the Board believes now is the appropriate time for new leadership to take the business forward.
Group Chief Executive
IFG announces that John Cotter has decided to step down as Group Chief Executive and is pleased to announce that Kathryn Purves, a non-executive director of the Group and chair of the Group Risk Committee, will succeed Mr Cotter as Group Chief Executive immediately.
Ms Purves joined the Board in May 2016. Ms Purves was previously Chief Risk Officer of Partnership Assurance and has more than twenty years of senior leadership experience in financial services companies including Partnership Assurance, Phoenix Equity Partners, Deutsche Bank and UBS. Ms Purves is currently a non-executive director of Intermediate Capital Group plc.
Group Chairman
IFG also announces that John Gallagher has decided to step down as Group Chairman following the Annual General Meeting in May 2018 at which point Mark Dearsley, currently acting as the Group's Interim Chief Financial Officer, will succeed him. In the meantime, Mr Dearsley will relinquish his interim executive role to take on the role of Deputy Group Chairman. Mr Gallagher has reaffirmed his intention to maintain his major shareholding in the Group.
Mr Dearsley is a Chartered Accountant with extensive board level experience in the financial services sector, including serving as Managing Director - International of Partnership Assurance, Group Finance Director of Partnership Assurance, Group Chief Financial Officer for Savills plc, Group M&A Director and Finance Director of Aviva Europe & International, the international division of Aviva PLC. Prior to joining IFG, he was Group Strategy Director for Just Group plc.
Interim Group Chief Financial Officer
IFG is also announcing the appointment of Gavin Howard as Interim Group Chief Financial Officer with immediate effect. Mr Howard is an experienced financial services executive and qualified actuary with over twenty years of experience, including as CFO and Finance Director, in financial services companies including Octopus Group, Just Group plc, Partnership Assurance, Barclays and Friends Provident.
Commenting, John Gallagher, Group Chairman, said "I would like to thank John Cotter for his important contribution to the Group in a number of roles over the past four years. The Group has been repositioned significantly over this period resulting in a more streamlined structure with two very strong and well positioned businesses. Looking ahead, we are extremely fortunate to have already amongst our ranks a successor of Kathryn's calibre. Given the strong prospects for the Group, I remain fully committed to IFG as a shareholder."
New Group Chief Executive, Kathryn Purves, added "Firstly, I would like to record my thanks, on behalf of my board colleagues, to John Gallagher for his leadership and counsel as our Chairman for the last 5 years. His continuing support as a major shareholder matches my own belief in the excellent prospects of IFG going forward. I now look forward to working closely with Mark and Gavin and the leadership teams of Saunderson House and James Hay to maximise each business's potential and create the conditions in which they, and the Group overall, are best placed to flourish and deliver further value to shareholders."
No further information is required to be disclosed pursuant to LR 6.6.7.
Enquiries:
IFG
Kathryn Purves Group CEO Tel: +44 203 887 6181
Gavin Howard Interim Group CFO Tel: +44 203 887 6181
Joint Corporate Brokers
Nicholas Harland Macquarie Capital (Europe) Ltd
Tel: +44 203 037 2369
Charlotte Craigie Goodbody Stockbrokers UC
Tel: +44 203 841 6202
Notes to the Editors:
Following Kathryn Purves' appointment as Chief Executive Officer, Ms Purves will not Chair the Group Risk Committee and will not be a member of the Group Risk, Audit, Finance or Disclosure Committees.