Martyn Holman replaces Banks as chief executive
Arron Banks has resigned as chief executive of Brightside Group.
Brightside’s insurance broking director Martyn Holman is stepping up to replace Banks with immediate effect.
In a statement to the London Stock Exchange this morning, Brightside said: “Arron has taken this opportunity to step down from the board to review his options and will remain focused on his private interests.”
Brightside’s share price has been hovering around 20p mark this year, despite a 44% rise in after-tax profits. Brightside made a profit after tax of £9.4m in 2011, up 44% on the £6.5m it made in 2010.
The improved profit came on the back of a 22% increase in revenues to £80.4m (2010: £66.2m). Policy sales increased 41% to 444,189 (2010: 339,916).
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