JLT's 'harsh' culture criticised as Wade steps down

Jardine Lloyd Thompson (JLT) executive director Vyvienne Wade has left the company after being replaced as chief executive for Latin America and criticising the culture at the broker.

A spokesman for JLT referred to a letter Wade sent a letter to JLT chairman Geoffrey Howe, complaining of a “harsh” culture and the way in which she learnt of her removal as chief executive for Latin America. Wade was replaced by Mike Methley in March and moved to the position of president for the region.

The spokesman said: “We were sorry and surprised to receive this letter. We strongly refute any allegations regarding the culture of the organisation.”

In a company statement to the stock exchange JLT said Wade had “decided to step down”, but would not elaborate on the reasons for her departure.

Chief executive Dominic Burke (pictured) said: “I would like to thank Vyvienne Wade for her contribution to JLT. We wish her all the best for the future.”

Under Wade’s leadership, sales at the broker rose by almost a third in 2012 to £50m in Latin America, compared to a group increase of 7% to £676m. She was also responsible for employee benefits in the region, which saw sales rise by 20% last year.

Wade had worked at JLT for more than 26 years and was its longest-serving executive director. Her departure leaves the FTSE 250 company with only one woman serving on the board.

She was re-elected as director at JLTs annual meeting last week, where she received 98% backing from shareholders.

At the meeting shareholders raised concerns about the lack of independent directors on the board and more than two-fifths of independent proxy votes were cast against the re-election of deputy chairman Lord Leach of Fairford.

Fairford is the representative of majority shareholder Jardine Matheson.