CPP chief to step down as insurer restructures

The York-based company, founded more than 30 years ago by entrepreneur Hamish Ogston, sells products such as wallet, mobile phone and card protection through banks and building societies, but has been battered by the mis-selling scandal.

The company was last year fined £10.5m by the Financial Services Authority for “widespread” mis-selling. Mr Ogston is consideringtaking the company private with a possible 1p per share offer worth £1.7m. The entrepreneur has said an offer would need the backing of CPP’s board, plus a new three-year credit line.

In an interim management statement, CPP said yesterday: “As part of the proposed restructuring and reflective of the group’s much reduced scale, Paul Stobart, CEO, and Shaun Parker, CFO, have indicated their intention to step down from their respective roles once the transition period is complete. In the meantime, they will continue in their respective leadership roles.

“Following his appointment in August 2012 on an interim basis as UK managing director, Shaun Astley-Stone has indicated his intention to step down following completion of a planned hand-over period.”