Ward considers Corporation overhaul
The Corporation’s chief executive Richard Ward is understood to be close to ordering a restructuring of its senior management and reporting structures, according to sources.
Ward, who joined the Society from the International Petroleum Exchange earlier this year, is discussing with his senior managers a plan to streamline its structures in a move that may lead to some job losses. Lloyd’s have declined to comment on the move but one source suggests news is likely by the end of this week.
The move follows the departure of Steve Quiddington, the Corporation’s former director of Operations, last month.
He left following the decision by Ward to place the Operations Directorate so it now reports to the Corporation’s finance chief, Luke Savage.
In the summer, Ward had also moved the business reform process function from Quiddington’s department to Steven Haasz, who became director of Business Process and Change Management.
The Insurance Insider understands that the Corporation might look to identify some cost savings that may also lead to some job cuts, although one senior Lloyd’s figure denied the latter was likely.
Nevertheless, the prospect of cost savings, in little over a month after the landmark deal to sell Equitas to Berkshire Hathaway was announced, will further delight many of the Lloyd’s insurers who often complain about the relatively high cost of operating from London.