RSA share price: Company appoints Scott Egan as CFO

RSA Insurance Group Plc (LON:RSA) today announced that it had appointed Scott Egan as executive director and chief financial officer. Egan is expected to join the FTSE 100 insurance company in the fourth quarter, from Towergate Insurance.

RSA chief executive officer Stephen Hester commented on the appointment: “I am delighted to welcome Scott to RSA. He is an outstanding professional who will strengthen our team and bring excellent skills and in-depth knowledge and experience of the insurance industry.” He continued: “Scott’s appointment is another positive step in building a strong and valuable RSA.”
Egan joined Towergate Insurance as group CFO in April, 2012 and since February this year has acted as interim CEO of the company. Prior to his tenure at Towergate he was CFO of Brit Insurance Holdings from January, 2011.
Egan is set to receive a base salary of £525,000 and will be eligible to participate in the company’s incentive plans and to receive other customary employment benefits. He will also receive one-off awards to compensate for money he will forfeit as a result of leaving his formal employer.
Egan said that he was “incredibly excited to be joining RSA and I am looking forward to working with Stephen and his team as well as the Board in cementing a bright future for the Company.”
In other RSA news, the insurer said yesterday that it would appeal against an employment tribunal decision to award €1.25 million (£790,000) to the former CEO of its Irish unit Philip Smith, who resigned in November 2013 following the revelation of major accounting discrepancies. The insurance firm was found guilty of unfair dismissal, however, RSA said that it fundamentally disagreed with the tribunal’s judgement and was seeking redress through the courts.
“We are astonished by the amount of the award made by the tribunal, which RSA believes is utterly inconsistent with that crucial finding and creates a dangerous precedent,” said RSA’s general counsel Derek Walsh, as quoted by the Guardian.
In today’s trading, RSA shares were 0.5 percent lower at 401.40p, as of 11:19 BST. The stock has fallen 7.7 percent since the start of the year, trimming the company’s market capitalisation to £4.1 billion.
As of 13:19 BST, Tuesday, 07 July, RSA Insurance Group plc share price is 400.45p.