Embattled LV boss Mark Hartigan faces mounting calls to quit after it emerged he is listed in company documents as the ‘interim’ chief executive.
The former army colonel was appointed in December 2019 and embarked on a plan to sell the 179-year-old mutual insurer to US private equity outfit Bain. That was voted down in December following a backlash by members and a campaign by the Mail.
At the time of his hiring, LV said he had been brought in on an initial 12-month contract, subject to approval from the regulators, which came in June 2020. But buried in the detail of the 2021 annual report is a statement that Hartigan is ’employed on an interim basis’, raising questions over why the board allowed him to press on with his plan.
Writing on the wall: Mark Hartigan was appointed in December 2019 and embarked on a plan to sell the 179-year-old mutual insurer to US private equity outfit Bain
Labour MP Gareth Thomas, chairman of Parliament’s all-party group on mutuals, said: ‘It beggars belief he is allowed to stretch LV to the very limits of its founding ethos without ever having had a full-time contract.
‘LV will never recover its reputation while Mr Hartigan remains in place.’
LV was under fire this week after it emerged it handed Hartigan a £511,000 bonus for 2021. It was branded a ‘reward for failure’ and took his total pay to over £1m.
Almost immediately he arrived, Hartigan embarked on a ‘strategic review’, which concluded it could not continue as a standalone business.
He hatched a plan to sell Bain Capital for £530m, a deal which could have seen his £1.2m pay soar. His contract was extended to complete the deal. He is still on an interim contract.
LV declined to comment.
