CPP pushes its turnaround chief executive through the revolving door
BRENT ESCOTT, the chief executive of insurer CPP who has been leading a major restructure to stabilise the business, has stepped down after less than two years in the job.
The York-based company was badly affected by the mis-selling saga and was fined £10.5m by the Financial Conduct Authority in 2012 and paid out £65.8m in compensation to customers.
CPP said the process to identify a new chief executive for the group will start immediately and in the interim, Eric Anstee will assume the role of executive chairman.
During the transition period Craig Parsons, group CFO, and Charles Crawford, group COO, will report to Mr Anstee directly.
CPP said since his appointment in August 2013, Mr Escott has “successfully stabilised CPP, improved processes, strengthened regulatory relationships and significantly reduced the group’s cost base.”
It added: “As the group moves forward to the next stage of its development with a clear focus to realise the future commercial opportunities that exist, the board believes this is best undertaken by new leadership.”
Mr Anstee said: “The group has progressed during Brent’s tenure and under his leadership and guidance CPP has been successfully repositioned for the future. On behalf of the board, I would like to express our thanks to Brent for his leadership and contribution and we wish him every success in the future.”
