Norwich Unionhead of distribution Allan Griffiths will become the new chief executive officer of the group when Rob Garnsworthy, who has held the role since August 2000, retires at the end of April.
Garnsworthy toldMoney Managementhe believed it was a good time to hand over the position rather than wait for “the tap on the shoulder”.
“I think the business is now well-placed, there is a succession plan and that means it is the right time to hand over the position. Also, it is a time when the industry is taking a hit on revenues, and that means it is time to get the expenses down,” he says.
“Business productivity is on an upturn (at Norwich) so I am not leaving an ailing company. The business is in a good shape due to having good people who know how to deal with working in a difficult environment,” he says.
Griffiths says there will not be any strategic review of the business when he takes over next month.
“I have been an integral part in developing the current strategies for Norwich, so that is why there will be no changes,” he says.
Griffiths’ role as head of distribution will not be filled in the shake-up and Marc Mengler remains as managing director of Navigator.
Griffiths has worked in the financial services industry for more than 30 years, starting as a life agent with Prudential. Subsequently, he joined Scottish Amicable, which was later taken over byColonial. His roles in distribution at Colonial included running the dealer groups and the franchised financial services operations. He joined Norwich in 2001.
Garnsworthy says he will not be taking up any other positions in the financial services industry at present.
“I am going to settle down for a while and I have no plans to rush into anything despite some offers of directorships,” he says.
Garnsworthy says he believes one of his achievements at Norwich has been the depth of talent recruited to join the organisation.
