Towergate has announced that it has established a separate reporting unit to address legacy challenges as a critical part of its transformation.
The Legacy Resolution Unit (LRU) will encompass the ETV and UCIS redress programmes and ongoing simplification of our legal entity structure.
The LRU will be headed by Sarah Dalgarno, who will continue to oversee the group risk function pending the appointment of a Chief Risk Officer.
David Ross CEO commented today:
“We have a clear understanding of the immediate challenges we face and we know that tackling our legacy issues is key to the future success of the business.
This project, separating the distractions of the past from the priorities of the present, is critical to the implementation of our turnaround. I am delighted that Sarah Dalgarno has agreed to step in and lead it until its conclusion. Her specific responsibilities at AJG, where she led a project rationalising legal entities and non-core assets, together with her wide ranging experience in risk and governance, make her the ideal choice for this important priority.”
John Tiner, Non-Executive Chairman added:
“The Board is fully supportive of this initiative to bring a dedicated focus to the resolution of legacy work streams and clarity to our future financial reporting between the performance of the strategic businesses we are investing in and the costs of concluding our legacy issues.”