Royal & SunAlliance have announced that Bob Mendelsohn has resigned from his roles as director and group chief executive.
Mendelsohn had been under pressure from shareholders to quit after the insu ...
Royal & SunAlliance have announced that Bob Mendelsohn has resigned from his roles as director and group chief executive, and will receive a £1m pay-off.
Mendelsohn had been under pressure from shareholders to quit after the insurer's poor performance and lack of
progress on disposals.
Last month he said that if RSA went to the market in a capital raising exercise, and the shareholders did not back him, then he would step down.
Chairman Patrick Gillam said: "Bob Mendelsohn has led the group through difficult times for the insurance industry.
"He has set a firm strategic direction and has done much to drive change in both the business philosophy and in the culture of the Group.
"However, in order to exploit the work done to date, it is the board's view that the interests of the group will best be served by a change in the top management," he added.
Mr Mendelsohn took over in 1997 after working as chief executive of RSA's US business. However investors lost confidence in him following a series of failed targets.
He has been under pressure since the company issued a profits warning and confirmed it had not achieved an efficiency target.
Former group chief operating officer, Bob Gunn, will take over from Mendelsohn. A search for his successor is underway.
