Chairman and two executive team members to step down
Private equity house LDC is to take a “significant” stake in Norwich-based motor claims consultancy Validus-IVC.
Validus will use the investment from LDC, which is part of Lloyds Banking Group, to support future growth.
Validus chief executive Mike Srokowski will retain his position. However, chairman Philip Easter and two members of the executive team – chief technology officer James Duez and business development director Gary Steward – will step down today.
Paul Hewitt will replace Easter as chairman, while Paul Figgins from LDC will join the board as a non-executive director.
Srokowski said: “LDC’s investment, coupled with its experience and knowledge of the insurance world, means we are well placed to step up several more gears.
“We intend to increase our rate of growth in current markets and expand into new ones. Our new products and services have been well received by the market and LDC’s investment illustrates their confidence in our ability to exploit the numerous opportunities that exist for profitable growth.”
He added: “I want to thank Phil Easter, his commitment to Validus, and wish him every future success.”
Srokowski, chief operating officer Ed van Rooyen and chief financial officer Gordon Knott will represent the management team on the executive board. The board will be supported in its day-to-day activities by an operations board.
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