Battered insurer has new deputy head

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CREDIT card insurer CPP yesterday said that Brent Escott, formerly of outsourcing group Capita, will join the business as interim deputy chief executive.

The appointment forms part of York-based CPP’s restructuring plans, announced last month, which saw Paul Stobart, CEO, and Shaun Parker, CFO, announce their intention to step down from their respective roles following a transition period.

CPP, founded by entrepreneur Hamish Ogston, has been battered by the mis-selling scandal. It was last year fined £10.5m by the Financial Services Authority for “widespread” mis-selling. Mr Ogston is considering taking the company private with a possible 1p per share offer worth £1.7m.

Mr Stobart said that Mr Escott’s “expertise, together with his wealth of experience in insurance and operations, will be instrumental as we complete the work at hand to ensure CPP is set on a firm footing for the future”.

Mr Escott most recently held a number of interim management consultancy roles and was MD of the general insurance division at Capita.