The next chief executive of the Chartered Insurance Institute, to be appointed next year, will need to combine significant commercial experience with a not-for-profit mentality, an industry veteran has said.
Peter Williams, managing director of Williams Goddard Consulting and non-executive director of the Beaufort Group, said Sandy Scott’s replacement would need a mixture of skills.
He said: “It has got to be somebody who is commercially able to run a multi-million pound organisation but with the understanding of its not-for-profit ethos, and the fact the members come first.”
He claimed the CII would seek a chief executive to stay for 10 to 15 years and provide stability.
Defaqto insight consultant Gill Cardy said the new appointment could come from outside UK financial services. She said: “The person who runs the CII will need to be an acceptable candidate to UK financial services but also acceptable to the wider insurance community.”
She added that people with experience in companies such as Axa, Aegon and Old Mutual Group could suit the role, but that chief executives with strong governance records – such as ITV boss Adam Crozier or future Credit Suisse chief executive Tidjane Thiam – could also work.
Steve White, chief executive of the British Insurance Brokers’ Association, refused to be drawn into speculation about Dr Scott’s successor but said: “He is a big loss for the industry.”
Dr Scott will remain in the post until March 2016.
Keith Richards, chief executive of the PFS, said he could only reveal that a formal nomination process would take place, and all available candidates would be considered.
He said: “At this stage it would be too early to speculate what the nominations committee would be looking for. Dr Scott’s shoes are big ones to fill. He has had an outstanding record of achievement in the role. His successor will have a significant challenge.”
Sandy Scott graduated in medicine and surgery from Aberdeen University and spent 10 years in the Royal Army Medical Corps. He then worked for the Department of Health before joining medical insurer PPP in 1989. Since joining the CII in 2000, his career there has involved the implementation of chartered status, the creation of the Personal Finance Society in 2005, and work on the RDR and Pension Wise.