Property insurer to alter bye-laws for CFO appointment
Elaine Whelan to step up to CFO position at Lancashire Holdings, if shareholders approve a change to company bye-laws
BERMUDA-BASED property insurance company Lancashire Holdings is to appoint a new CFO, provided it can change the company’s bye-laws.
Elaine Whelan is scheduled to replace Neil McConachie, who will remain as president of the company, as chief financial officer at the start of next year.
However, Whelan’s appointment is subject to the approval of the Bermuda Department of Immigration and will also require a change to the company’s bye-laws, which currently state that the CFO must also be a director.
A special general meeting will be held before the end of the year to approve the change allowing Whelan, who has been with Lancashire for five years as group financial controller and latterly deputy group CFO, to take up the role on 1 January 2011.