"With LV= now looking forward to the future with confidence, the board and Mark have agreed that the time is right to appoint a permanent chief executive to build on this platform."
- Simon Moore, LV= chair
On Monday 18th July 2022, Mark Hartigan, LV= chief executive, confirmed his intention to resign as interim chief executive and a member of the board. Hartigan has agreed that he will remain in his interim role until the process to appoint a new, permanent, chief executive takes place.
While engaged as interim chief executive, Hartigan undertook two business objectives; improve the underlying commercial performance/fundermentals of the business and carry out a full strategic reviews with the guidance of the board.
Simon Moore, LV= chair claims Hartigan “led a successful turnaround of the business” with LV= most recent 2021 financial results announcing that the company had “outperformed” both in terms of new business volumes and sales/trade profit.
Moore also said that Hartigan built a “strong executive team with a culture that place members at the core of the brand.” Under Hartigan’s leadership, LV= is now trading profitably and has won significant market share. LV= has also strategically moved away from mass market offerings to targeted and under-served markets such as income and critical illness protection, low volatility investment solutions, and equity release led later life financial planning.
This new direction has proven successful and LV= has confirmed it plans to develop these opportunities further to extend its reach to achieve greater customer access.
Mark Hartigan said:
“LV= is an outstanding company with a prosperous and dynamic strategy and outstanding employees who serve this mutual’s membership with passion and professionalism. Thanks to the progress of our plan to transform the business, and despite challenging trading conditions, it is now well capitalised and clear in its future plans. With a strong leadership team in place and a clear plan for the future it is the appropriate time for me to step aside as interim chief executive.”