The financial director of Royal & SunAlliance is to leave the company as the insurer announces a £960m rights issue amid news of 1,000 job cuts.
The exit of Julian Hance after five years as finance director will allow chief executive Andy Haste to build his own management team.
The company's rights issue offers one new share at 70p for every existing share held which is less than half of Wednesday's 154p closing price.
Money raised from the deeply discounted shares will be used to boost its flagging balance sheet and generate extra money needed to increase profits.
The axing of 1,000 jobs is a further bid to cut costs and is expected save £270m a year.
1,200 jobs were axed by R&SA in 2002.
The insurers revealed a half-year profit increase of 17% to £351m from £301m this time last year.
R&SA also announced that it would concentrate on its UK business and planned to sell much of its US business to Travellers Property Casualty for £15.6m.
