One of the giants of the price comparison market is set for a significant shake-up after Peter Plumb, chief executive of moneysupermarket.com, announced his plans to step down.

Plumb, who has been at the helm of the company for almost eight years, commented that “it’s the right time to hand over the leadership baton” despite the company’s shares having leapt from 45p to 302p during his tenure. Indeed though shares in the comparison website slipped after the Brexit vote they have since rebounded to stand at more than 2% above their pre-referendum levels.

The news comes on the back of moneysupermarket.com announcing a 6% rise in adjusted operating profit to £53.8 million in the six months to June 30.

In a Financial Times report announcing his resignation, Peter Plumb noted: “Nearly eight years as CEO of the Moneysupermarket Group have flown by. We have built the UK’s leading price comparison site, empowering tens of millions of families across the UK to save hundreds of pounds each, for free, on their household bills.

“We’ve built trusted brands, put in place new platforms and made switching a habit for many UK households. For me, it’s the right time to hand over the leadership baton and thank everyone in the team for their hard work and relentless determination to help more people save more money.”

The company now hopes to have a successor in place before its AGM in May 2017.


Related stories:
Comparethemarket.com owner eyes £2 billion float
Beprotectedinsurance chief reveals future plans