Britannic chief quits after seven weeks

The chief executive of Britannic, the insurer and fund manager, has quit seven weeks after assuming the role because life was passing him by.

Danny O'Neil accepted the job in March and started in December but has since decided he wants to spend more time with his family. He has triplets aged nine and an 18-year-old daughter at university.

He said: "Even before I took the job [combining work and family] was a challenge. I was quite used to coming back from holidays in France to make presentations to the company. There's no one trigger for my decision – just the thought that Britannic needs more than someone who isn't wholehearted about the role."

The company is thought to have suggested he relocate from Glasgow to its Birmingham headquarters.

Mr O'Neil said that while he was content in his personal life he did not want to see it pass him by. He is to work on a consultancy basis for Britannic for three days a week, and has no plans to acquire a portfolio of non-executive directorships in common with many former chief executives.

Harold Cottam, the chairman, is to assume the chief executive's responsibilities.