LV Financial Services has appointed former Bupa boss David Hynam as its incoming chief executive.
The appointment, which is subject to regulatory approval, follows the announcement in July that Mark Hartigan, the firm's current chief executive would step down nine months after a failed attempt to sell the business to private equity firm Bain Capital.
The mutual said Hynam will join the firm on September 26 when Hartigan will leave the business having been in the role for two years.
With over 30 years’ experience in retail financial services, Hynam has previously served as chief executive of Bupa’s UK and Global markets, UK chief executive of Friends Life and chief operating officer of AXA.
LV highlighted Hynam’s time at Bupa when he was responsible for the firm’s pandemic response in the UK and oversaw it becoming the first major health insurer to offer a member and customer Covid rebate.
LV chair, Simon Moore described Hyman as “the ideal candidate to build a strong and sustainable future as a mutual life and pensions business”.
“As well as his commercial and technical knowledge of the insurance sector and financial services, it is David’s values-driven approach and strong track record of business transformation and growth that makes him the right person to lead LV into the next exciting phase of its future as part of a resurgent mutual sector,” Moore said.
Moore also promised an “unprecedented address” at the firm’s October AGM and said members will be “the first to hear about the steps David and I are taking to demonstrate that transparency and fairness will be at the heart of our mutual business going forward.”
LV received criticism from members and MPs after the board initially backed Hartigan following the failed £530mn takeover.
The firm was also criticised for paying Hartigan a £511,000 bonus on top of his £435,000 salary in 2021, a move branded a “reward for failure” by one policyholder.
jane.matthews@ft.com
