Esure founder Sir Peter Wood announced he has stepped down as chairman of the company board with immediate effect.
Wood, who founded the firm back in 1999, will still retain a shareholding in the company upon his departure. Andy Haste will take his place as chairman.
Haste will move to the role from his current position as a senior independent deputy chairman at Lloyd’s of London. Prior to that, he was chairman of Wonga, group chief executive at RSA, chief executive of Axa Sun Life, and executive director at Axa UK.
Wood said: “Having founded seven insurers in the UK, the US and Spain, it has been a particular privilege to have founded and guided Esure over the past 20 years, creating a great company that I hope and believe will thrive under its new ownership.
“Following the change in ownership and establishment of a permanent chief executive in David McMillan, I’ve decided that now is the right time for me to hand over the chairmanship and scale back my responsibilities within Esure, allowing me more time to spend on my other interests including GoCompare, Pikl and my property interests.”
Haste said: “I’m delighted to become chairman and look forward to helping steer the company through what is a very important period for Esure and for the broader insurance industry.
“This is a great business, with a strong management team and an exciting plan to deliver growth in the future. I would like to thank Sir Peter who has an incredible track record as an entrepreneur and founded such a great company.”