Royal replaces two top executives
Wednesday 03 December 1997
Robert Mendelsohn, chief executive officer of Royal & Sun Alliance in the US, will take Mr Gamble's post. City sources said Mr Mendelsohn's appointment came out of the blue, as either Mr Gamble or Roger Taylor, executive deputy chairman, had been expected to steer the company following the merger of Royal Insurance and Sun Alliance in July last year.
Royal & Sun also announced yesterday that Mr Taylor would relinquish his executive duties, although he would retain a seat on the board and advise the group on external affairs. He will also continue as chairman of the Association of British Insurers.
The company insisted the changes were expected. However, the move came as a pleasant surprise to the market, and Royal & Sun's shares closed up 14p at 560p.
The City has been uneasy about the top-heavy management structure at Royal & Sun since the merger. There have also been suggestions that Mr Gamble and Mr Taylor disagreed on strategic issues.
Patrick Gillam, chairman, said in a statement the move was the natural next step in the development of the group. The merger of Royal Insurance and Sun Alliance had created a strong business. Integration of the two companies was on track and the changes in management "put in place the appropriate structure to build upon the group's demonstrated strength as a world class leader in the financial services industry".
A cautionary tale for ambitious would-be authors
X Factor judge will appear in court later this month
Trenton Oldfield deportation: Boat Race protester allowed to stay in UK over fears his Indian wife would face racism in Australia
Sir Ian McKellen hits back at Damian Lewis' 'fruity' claims
Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
Teenage girl convicted of robbery after taking pre-crime selfie wielding knife
'I'm experiencing austerity as well', says Princess Michael of Kent
- 1 Dear Sir Jimmy Savile: A comedian's words of valediction to the nation's trusted uncle
- 2 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 3 Teenage girl convicted of robbery after taking pre-crime selfie wielding knife
- 4 Newly vegan Beyoncé wears fox fur to dine in meat free restaurant
- 5 'I'm experiencing austerity as well', says Princess Michael of Kent
- < Previous
- Next >
iJobs Money & Business
attractive: Citifocus: and complete all required maintenance, to monitor and c...
£55000 per annum: Harrington Starr: Technical Operations Analyst (SQL, UNIX, L...
£44000 - £55000 per annum + Excellent Benefits: Pro-Recruitment Group: Confide...
£25000 - £35000 per annum + Benefits : Harrington Starr: PHP Symfony2 Framewor...