Tel: 01992 471001

Email: hoddesdon@ashbourneinsurance.co.uk

Swinton’s Executive Board Sacked Over Share Scheme Alarm

French parent Covea clear outs chief executive Peter Halpin and executive board over share dispute.

Swinton has had its entire executive board cleared out by French parent Covea, in a dramatic dispute over the board’s performance-related share scheme payments.

The change means Swinton chief executive Peter Halpin exits along with a clutch of fellow directors.

A statement from Swinton said: “The board of Covea, the ultimate parent company of Swinton Holdings and Swinton Group Limited, has replaced the executive board of Swinton Group Limited.

“A new executive board has been appointed with immediate effect who, along with the senior management team, will ensure the continued smooth running of the company.

“Covea has taken this action because it had lost confidence in the executive board.  It was concerned that the former executive board has put their short term interests ahead of the long term interests of the company and its employees.

“The issue concerns the executive board’s performance-related share scheme payments, due to have been made in Q1 2012.

“Covea, as the shareholder, has a responsibility to protect Swinton and to take appropriate action where it identifies any circumstances not beneficial to the business as a whole.”

The new executive board consists of Christophe Bardet as chief executive, Charles Bellringer as financial director, Rob Hornby as IT Director and Kelly Ogley who will be appointed Operations Director as previously planned.

Leave a comment

Your email address will not be published. Required fields are marked *

Recent blogs

  • Archives

  • Calendar

    January 2019
    MTWTFSS
    « Dec  
     123456
    78910111213
    14151617181920
    21222324252627
    28293031 

We use cookies to ensure that we give you the best experience on our website.