Shock as five top bosses axed at Swinton

THE parent company of iconic Manchester-based domestic and motor insurer Swinton Group has dramatically axed the company’s executive board.

In a statement French group Covea said it has “lost confidence” in the executive board, previously led by chief executive Peter Halpin.

Staff at the company’s headquarters on Great Marlborough Steet, were said to be shocked at the move. Mr Halpin had been with the business for 20 years and is said to be popular and respected by colleagues.

Covea said It was concerned that the “former executive board has put their short term interests ahead of the long term interests of the company and its employees.
“The issue concerns the executive board’s performance-related share scheme payments, due to have been made in Q1 2012.”

Covea said it had a responsibility to “protect Swinton and to take appropriate action where it identifies any circumstances not beneficial to the business as a whole”.

A spokesman for Covea declined to expand further on the contentious share scheme, although its is understood there may have been a clash of cultures between senior bosses at the conservative French mutual, and the go-getting and entrepreneurial Swinton board.

The new executive board consists of Christophe Bardet as chief executive, Charles Bellringer as financial director, Rob Hornby as IT director and Kelly Ogley who will be appointed operations director as previously planned. 

Mr Bardet said: “We are committed to ensuring that this course of action has minimal impact on our staff, customers and insurers. There will be no change to our values, products, business model and distribution, as Swinton remains a healthy and profitable company.” 

Along with Mr Halpin, pictured, four other directors, finance director Anthony Clare, marketing director Nick Bowyer, operations director Jackie Ordish and IT director Adrian Hazeldine, have been replaced.

In October Swinton’s results for 2010, showed the business, which has 300 branches nationwide, made profits of £32.4m on sales of £278m.

Swinton became part of the Covea family in May 2010 after the French mutual merged with MMA Assurance Mutuelles, which bought Swinton from Royal and Suna Alliance in 2001.

The business was founded in the Salford town 1957 by Ken Scowcroft, who sold the company to Sun Alliance in 1991.