New chief executive for Zurich business

Martin Davis has been appointed as chief executive of Openwork Group.

Davis will succeed current chief executive, Keith Carby, who has left Openwork with immediate effect.

Following his appointment, Davis will step down as the current chairman. The board, with support of the Zurich Group, have asked Kate Avery, currently a non-executive director of Openwork, to assume the role of chairperson.

The company said that Davis' appointment as chief executive reflects his impressive track record in financial services and his proven background in developing successful businesses and advisor networks. Prior to joining Openwork, on whose board he has served since January 2006, Davis was chief executive, Zurich Global Life Emerging Markets, and was chief executive at Zurich International Life from 2004 until 2007. Before joining Zurich, Davisworked as commercial director at Sesame, the UK’s biggest IFA network with more than 7,500 advisers.

Davis' immediate priority will be to ensure Openwork has the ability to thrive in an environment of evolving regulation. He believes this may necessitate the establishment of a two-tier distribution model which encompasses both multi-tie and whole-of-market advisor practices to maximise value for our customers.

“I am very excited about the prospect of building on the existing model and strongly believe that, with Zurich’s continued support for high quality distribution in the UK, Openwork is in an excellent position to meet the challenges of the changing regulatory environment ahead," said Davis. "Continuity is also of paramount importance, of course, and we will continue with our strategic aims to meet customers’ needs and create value for Openwork. I believe this is an exciting time to take on the role of chief executive.”