Announcement comes after string of profit warnings and a strategic review at outsourcer
Alastair Lyons will step down as chairman of outsourcing firm Serco after admitting “strategic and operational mis-steps” at the firm.
Lyons is best known in the insurance industry as executive chairman of broking group Towergate and non-executive chairman of specialist motor insurer Admiral.
He assumed the executive chairman role at Towergate in October following the resignation of chief executive Mark Hodges.
Serco had been undergoing a strategic review following poor performance. It has issued a string of profit warnings over the past year.
Lyons said in a statement: “The initial findings of the Strategy and Balance Sheet Review point to strategic and operational mis-steps at Serco for which, as chairman of the board since 2010, I take ultimate responsibility. It is also the right thing for Serco to select a new chairman, to take the helm for the future.”
He added: “Whilst colleagues have asked me not to resign, it has been my intention to step down once a new strategy and direction for the business were in place. I am, therefore, taking the necessary steps to ensure an orderly process for my own succession during the first half of 2015.”