Chaucer directors quit on failure of Brit offer
by Gill Montia
Story link: Chaucer directors quit on failure of Brit offer
The collapse of Brit’s possible offer for Chaucer has resulted in radical changes to Chaucer’s board.
Chief executive officer, Ewen Gilmour, is retiring this year and the firm’s chief underwriting officer, Bob Stuchbery, has taken over Mr Gilmour’s duties.
Chief financial officer (CFO), Mark Graham, has stepped down with immediate effect and Chaucer finance director, Ken Curtis, is acting as interim CFO.
Senior independent director, Chris Forbes, will be departing from the boards of both Chaucer and Chaucer Syndicates at the end of this month.
Finally, Bruce Bartell, active underwriter of Syndicate 1084, has joined the board with immediate effect.
On Monday of this week, Brit confirmed details of a possible offer for Chaucer which gave Chaucer shareholder 0.23 new Brit ordinary shares for every existing Chaucer share.
The proposed deal would have resulted in Chaucer shareholders owning approximately 29% of the enlarged business but according to a report in The Times, shareholders were unimpressed.
Yesterday Brit withdrew its proposed offer, saying the board of Chaucer was not in a position to recommend it.