Quindell finance chief to step down after completion of professional services sale

Quindell has announced that group finance director Laurence Moorse will be stepping down once the sale of its legal services division is complete.

He will be replaced by Mark Williams who joined Quindell as a consultant to assist the board at the start of the year.

Quindell announced last month it had agreed to sell its professional services division to Slater and Gordon for £637m.

Upon completion of the sale the current Quindell Group chief executive Robert Fielding will transfer to the new company.

As a result company the company has started an external and internal search for a new group chief executive officer to replace Fielding.

Commenting on Williams’s appointment non-executive chairman designate Richard Rose said: “Mark has been working with the Group for a number of months and has been assisting the board on a number of work streams.

“This experience will help him hit the ground running and we are delighted to welcome Mark to this new phase in the company’s history.”

The parts of Quindell being acquired by Slater and Gordon, which include Quindell’s legal services division and credit hire units, made up 77% of Quindell’s total earnings before interest, tax, depreciation and amortisation in the first half of 2014, and 80% of its revenue.

Quindell Chairman David Currie said the main businesses that Quindell is keeping – telematics, claims management systems and telematics broker Ingenie – accounted for between £60m and £70m of revenue.