Following a member-led drive to topple Mark Hartigan from the top post at Liverpool Victoria Financial Services Limited (LV=), the embattled chief executive is leaving the insurer once a successor is named; a further bonus, however, is said to be not entirely off the table despite previous criticism from members.
A report by The Mail on Sunday noted that LV= refused to rule out awarding Hartigan a bonus for 2022, even after his £511,000 incentive last year drew flak not only from members but also from the likes of Gareth Thomas MP. Last month, Thirsk and Malton MP Kevin Hollinrake asserted it was “high time” Hartigan left.
In a statement by LV= a week ago, the mutual life pensions and investments group cited the outgoing CEO for having led a successful turnaround, despite his time at the helm bearing witness to a failed sale to private investment firm Bain Capital and abandoned merger talks with pensions giant Royal London.
Read more: LV= chief heading for the door
It was also under Hartigan’s leadership that LV= claimed it couldn’t make mutuality work anymore, only for the savings, retirement, and protection group to take this back a year later.
Meanwhile, on the issue of a possible bonus for this year, The Mail on Sunday quoted LV= member Donald Hare as saying: “[Hartigan’s] got a cheek. I would vote against him getting that amount… Surely if the majority of members vote against the pay, then the directors should not be giving it out.”
The hunt for Hartigan’s replacement is being led by LV= chair Simon Moore, who is being assisted by executive search firm Russell Reynolds Associates.