Alastair Lyons takes over as chairman
Peter Cullum will focus on developing PowerPlace and CCV in his new role as deputy chairman of Towergate – the group he founded – following the appointment of Alastair Lyons as chairman.
Cullum remains the largest individual shareholder in the consolidator, which is preparing for a potential flotation following a £200m investment by private equity house Advent.
Lyons – who will be less hands-on than Cullum, given his non-executive role – said the hunt was on for a replacement for chief executive Andy Homer, although there is no fixed timetable for that. Towergate is looking at both internal and external industry candidates.
Lyons is also chairman of Admiral, a highly successful motor insurer and darling of the stock market, which he steered through flotation in 2004.
His track record and senior-level experience of listed companies will be a plus for potential investors of Towergate. Lyons will also continue in his role at Admiral.