Broker Network boss Gary Duggan to head Paymentshield in latest management changes
Paymentshield chief executive Tim Johnson is to leave Towergate after 10 years, and will be replaced by Broker Network boss Gary Duggan.
Johnson joined Towergate in 2003 and held a variety of roles at the broker, including setting up CCV, before taking the top job at Paymentshield in 2009.
He will leave on 30 June.
Towergate is in the process of appointing a new chief executive for Broker Network to replace Duggan, who will remain on the board of Broker Network.
Johnson’s departure follows that of Paymentshield’s chief financial officer Julian Winfield, who resigned in March.
Paymentshield, which sells home insurance and mortgage payment protection insurance through mortgage brokers, suffered a 4% decline in turnover to £67.6m and a 4% drop in operating profit to £52.7m last year.
Explaining the results last week, Towergate group chief executive Mark Hodges said its mortgage payment protection book was in “steady and fairly predictable run off”.
Its focus is now on growing its household insurance business through mortgage brokers, including through broker networks Open Work and Sesame.
Towergate has also announced the departure of group marketing director Lindsay Forster, who is leaving the broker after a year to join Friends Life.
She will be succeeded by Claire Chambers who joins from Aviva. Chambers worked closely with Hodges as a business director in the chief executive’s office while he was the Aviva’s UK chief executive.
Hodges said of the changes: “Tim has made a significant contribution to Towergate, notably the creation of the CCV business and his leadership of Paymentshield over the last five years. Tim will remain a strong supporter and a shareholder of Towergate. I would like to thank Tim and Lindsay for their contributions to the group.”
Duggan joined Towergate in February 2013. Towergate said his appointment to Paymentshield showed its commitment to internal succession planning and development.