Clive Cowdery (pictured) and John Tiner are to step down from the board of Resolution Limited, the insurance consolidator which they founded in 2008 following the sale of Resolution Plc.
Both men were non-executive directors at the company. ‘Both now believe, as the group has completed its restructuring phase, that it is the right time to step down from the board,’ the company said in a statement.
The announcement followed results for 2013 reporting a 59% increase in operating profit from £382 million to £489 million.
Having completed a three year restructuring the company said it would seek approval at this year’s annual general meeting to drop the Resolution name and rebrand as Friends Life Group.
‘We reached a significant turning point for the group in 2013, and are entering a new and exciting chapter for Resolution,’ said chief executive Andy Briggs.
‘When we started the restructuring and transformation journey, the group was generating less than £100 million of sustainable free surplus. In 2013, this has risen to £331 million.
‘In 2014 we intend to create a unified brand for the group, subject to shareholder approval, renaming our parent company Friends Life Group Limited, reflecting the unified structure and governance of the business.’