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Marlborough Stirling realigns operations

22 April 2004  |  1213 views  |  0

Marlborough Stirling today announces a realignment and rationalisation of senior responsibilities, combined with an internal re-organisation which strengthens and clarifies the roles of its individual business units.

The internal organisation is to be re-aligned as three business units, namely Life & Pensions, Mortgages and The Exchange. This is intended to provide greater clarity of responsibility for operational and financial performance to each business unit and involves a number of changes to the existing company structure, including:
  • All our non-UK activities becoming part of the relevant business unit, replacing the existing discrete International business unit
  • Our distribution software business being integrated into Life & Pensions (for software targeted at product providers) and The Exchange (for software targeted at IFAs and other intermediaries)
  • Significant parts of central functions such as finance and human resources being integrated into the three business units
  • Streamlining the make-up of the main Board as well as the senior management of the business to enable more efficient management of the group

As a result of this re-organisation Tony Klim (previously Executive Director Distribution) and Andrew Fritchie (previously Legal & Commercial Director and Company Secretary) have resigned from the Board and are leaving the company by mutual consent. The Company Secretary is now Stephen Thomas, who reports to Bob Beveridge, Finance Director.

In addition, David Power's executive responsibilities will change, resulting in him moving from having operational management responsibility for our Life & Pensions business unit to focusing on major operational initiatives for the group.

Commenting on the changes, Mike O'Leary, Chief Executive, said: "These changes give greater clarity of responsibility and provide a structure which makes it easier for our clients to work with us. The vast majority of our employees will now work directly in a business unit, each of which has full responsibility for developing and executing its business plans and full accountability to deliver the profit and cash required. On behalf of the Board, I would like to thank Andrew and Tony for their substantial contributions to the business over recent years; we wish them every success in their future careers."

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