Finance chief to take the reins until David Ross takes the helm
Towergate has named its chief financial officer Scott Egan as interim chief executive pending the arrival of new permanent chief executive David Ross.
Ross, currently chief executive of rival broker Arthur J Gallagher International, will become chief executive of Towergate after its takeover by unsecured bondholders is complete. The takeover deal, which is being led by JP Morgan-owned investment firm Highbridge Capital, is expected to close by the end of March 2015.
Towergate has not had a chief executive since the departure of Mark Hodges last October. The broking group has since been run by chairman Alastair Lyons, who will now revert to non-executive chairman.
Lyons told Insurance Times last week that he will leave Towergate this year.
Lyons said: “We are fortunate to have someone of Scott’s capability, experience, and knowledge of Towergate to take the business forward.
“Towergate is also delighted that Highbridge has secured someone of David’s market standing and track-record to become group CEO.”
Egan added: “I am looking forward to implementing the plans for which the agreement announced on Friday between our lenders provides a strong stable base to support the completion of the change programme and the further growth of the business.”