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CPP chairman Charles Gregson to step down
THE chairman of York credit card insurer CPP Group has announced he is stepping down as the business stumps up a further £10 million for compensation over misselling.
In a pre-closing statement, prior to the year end of December 31, Charles Gregson revealed he has notified the group of his intention to stand down as non-executive chairman following four years in the role.
The process to identify his replacement will start immediately, with Mr Gregson to remain in post until an orderly succession and an appropriate handover has been completed.
Mr Gregson said: “2013 has been an important year of progress, challenge and change.
“The foundations have been laid to stabilise the business and we have in place a strong and experienced board and management team. It is therefore appropriate for me to step down in due course and hand over to a successor who will guide the group through the next phase of its development.
“I am especially grateful for the strong support that I have received from my board colleagues over the years and thank everyone at CPP for their ongoing hard work.”
In its statement, the group said underlying operating performance had continued in line with the trends outlined in its interim management statement, published in October when it stated that the operating environment continues to be challenging.
CPP, which employs 550 in Holgate, also revealed total costs and provisions made for customer redress scheme in light of previous misselling of insurance had increased by £10 million to £65.8 million.
Bosses said the additional provision reflects the group’s latest estimate of customer redress and associated costs with the scheme which is due to be voted on by customers on January 7.
Speaking about Mr Gregson’s departure, CPP chief executive Brent Escott said: “The business was in a totally different state when Charles joined four years ago.
“He has taken it through troubled times. He recognises that if we look forward the business is very much in growth and rebuilding so its time to have fresh and energetic person to lead that. It’s a positive move by Charles, it shows he feels the business is in a promising position and is ready for him to move on.”
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