BusinessCompany NewsJim Smart to lead Friends review

Jim Smart to lead Friends review

Insurance giant's FD to spearhead a sweeping review of the company after chief exec Philip Moore steps down

Friends Provident FD Jim Smart is to lead a crunch review of the company in
the wake of the resignation of chief executive Philip Moore.

Smart will work with chairman Sir Adrian Montague to spearhead the study of
the group’s strategic options, Friends revealed today.

The move follows the effective collapse of Friends’ deal to merge with
Resolution. The shares rose this morning on talk of a bid.

The FTSE 100 company
announced
that Moore had stepped down, adding that the board had pushed for change at
the top.

Executive chairman Sir Adrian Montague said: ‘This has been a challenging
year for the group and its management team. We remain confident of the group’s
prospects. However, it is right that we should take a hard look at the group’s
strategy to ensure that we are delivering the highest value available to our
shareholders.The Board has concluded that this requires a change in the
management team.’

Moore had previously been FD at Friends before taking the chief exec’s post.

Friends added: ‘The board intends to update shareholders on the strategic
review by the time of the fourth quarter new business results at the end of
January.’

Further reading:

Overview: Friends Provident
faces battle for closed funds

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