Bell tolls for Equitable CFO
Troubled life insurer Equitable Life has announced the resignation of its chief financial officer Charles Bellringer.
Link: E&Y tipped to win Equitable fight
In a statement Equitable said Bellringer had signalled his intention to leave the insurer following publication of its latest financial accounts.
‘He wishes to find a new and wider challenge in corporations undergoing major change,’ Equitable said.
The Society’s chief executive, Charles Thomson wished Bellringer well on his future plans, and said the recruitment of a successor was ‘in hand’.
‘In the meantime, we have the benefit of an experienced team of finance professionals who will assume day-to-day management of the finance operations until a new appointment is made and Charles Bellringer has agreed to assist the Society during this transition,’ Thomson added.
Reports in the press have hinted that Equitable’s solvency may be under threat, although the company has officially denied any plans to appoint administrators.
At the same time Ernst & Young has been tipped to win its fight to get the High Court to strike out Equitable’s action against the firm.