Quindell share price leaps 27 per cent as it names Richard Rose as chairman and makes three more executive hires
Shares in troubled insurance claims outsourcer Quindell jumped 27 per cent in late morning trading after it confirmed it has hired four new executives.
Richard Rose, the chairman of online electrical goods retailer AO.com and cash-and-carry operator Booker Group, has been named as its new chairman, replacing Rob Terry who stepped down in November.
Meanwhile Jim Sutcliffe, a former boss of the insurer Old Mutual and Prudential UK, will take up the role of deputy chairman.
Robert Fielding, group chief executive, said: “We welcome Richard and Jim to the team; both bring a wealth of experience which will assist the business as we move in to our next phase of development.”
In addition Marisa Cassoni, who was finance director of Royal Mail and John Lewis and who is now a director of the Skipton Building Society, and John Tomlins, a former colleague of Sutcliffe, are being brought in as consultants.
David Currie, who will step down from his role as interim chairman when Rose takes the reins, said: “Richard, Jim, Marisa and John have extensive public company, accounting and sector knowledge and I look forward to working with them and the existing management in completing the independent review, acting on its conclusions and in formulating our group strategy.”
Shares in the company lost more than 90 per cent of their value last year after a fiercely critical note from US-based analyst Gotham City Research. The year culminated in the resignation of chairman and founder Rob Terry, as well as two more members of the company’s senior management team. Its broker, Canaccord Genuity, also resigned, while investor Fidelity halved its stake in mid-November.