The appointment is part of an internal re-organisation of parent company Marlborough Stirling which will provide greater clarity of responsibility for operational and financial performance of its individual business units.
The internal organisation of Marlborough Stirling is to be re-aligned as three business units; Life & Pensions Division, Mortgages Division and The Exchange. David Thomas has been appointed managing director of the Life and Pensions Division. Sue Summers, previously managing director at The Exchange, has been promoted to deputy managing director of the significantly larger Life and Pensions Division. David Edwards will remain managing director of the Mortgage Division.
David Child, previously chief operating officer at The Exchange, will now have overall responsibility for all areas of The Exchange business and strategy. His main focus will be to continue developing technology services that deliver practical benefits to intermediaries both in terms of writing new business and servicing existing clients cost effectively. This will enable The Exchange to maintain its position as the portal of choice for the majority of intermediaries.
The Life & Pensions and Mortgages Divisions will continue to develop flexible point-of-sale and back office administration systems, which will enable product providers and lenders respectively to reduce costs, increase efficiency and improve customer service. These systems can be integrated with The Exchange’s Exweb portal to enable Straight Through Processing via a single technology platform and can be provided either as an in-house solution or an outsourced service.
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.
Mike O’Leary, group chief executive, comments:
“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.”
