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Business News

Finance chief sells £2m RSA shares after quitting

George Culmer, the former finance chief at RSA Insurance who quit to join troubled Lloyds Banking Group with a controversial £6m signing on deal, last night sold £2m of shares in his former employer.

Mr Culmer sold about 2 million shares at around 103p a share, RSA said in a stock market announcement.

Mr Culmer, 49, is due to start work at Lloyds on 16 May. His decision to jump ship caused a stir at RSA, which at one stage looked as if it could hold him to his 12-month notice period.

Lloyds had to act quickly after its previous finance director, Tim Tookey, quit to take on the same post at Resolution insurance.