Resolution founder Clive Cowdery and CEO John Tiner are to stand down as non-executive directors following the firm's annual general meeting in May.
Cowdery (pictured) and Tiner, the former chief executive of the Financial Services Authority, have been on the Resolution board since March 2013 when the membership of the boards of Resolution Life and Friends Life Group were unified. The news comes after the company reported pre-tax profits of £436m for the year ending 31 December 2013, up 59% from 2012. Resolution, which manages insurers' closed life books, also completed a three-year cost-cutting plan to save £160m. The company is set to change its name back to Friends Life, pending shareholder approval. "The restructuring of...
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