Management change for IFG as it appoints new CEO, chairman

IFG has announced a management reshuffle as it appoints a new chief executive, chief financial officer and chairman.

John Cotter has stepped down as chief executive, with head of the group risk committee Kathyrn Purves taking up the role with immediate effect.

The company said the composition of the group had shifted “significantly” following its exit from its non-UK operations, and it was appropriate to appoint new leadership.

Ms Purves joined the Board in May 2016 after previously working with Partnership Assurance, Phoenix Equity Partners, Deutsche Bank and UBS. She is currently a non-executive director of Intermediate Capital Group.

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Ms Purves said she believed that IFG had “excellent prospects” going forward.

Following IFG's annual general meeting in May, current chairman John Gallagher will step down, but maintain his majority shareholding in the firm. Interim financial officer Mark Dearsley has been appointed to succeed him. Mr Dearsley, a chartered accountant with extensive board level experience, will become deputy chairman in the interim period. Mr Dearsley previously held roles as Partnership Assurance, Savills Aviva Europe and International, and Just Group.

Gavin Howard has been named interim group chief financial officer. A qualified actuary, Mr Howard has held financial executive and director roles in Octopus Group, Just Group, Partnership Assurance, Barclays and Friends Provident.

Mr Gallagher thanked Mr Cotter for his contribution to the group. “The group has been repositioned significantly over this period resulting in a more streamlined structure with two very strong and well positioned businesses,” he said. “Looking ahead, we are extremely fortunate to have already amongst our ranks a successor of Kathryn’s calibre. Given the strong prospects for the group, I remain fully committed to IFG as a shareholder.”