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Under-fire chief of insurer LV= ousted after takeover failure | Business News

The chief executive of LV=, the mutually owned insurance company, is to fall on his sword seven months after a controversial takeover was rejected by members.

Sky News can exclusively reveal that Mark Hartigan, who has run LV= for just over two-and-a-half years, will leave the company in the autumn.

His departure could be announced as early as Monday morning.

Russell Reynolds Associates, the leading boardroom headhunter, is said to have been engaged to find Mr Hartigan’s successor.

LV=’s board has faced intense pressure to sack Mr Hartigan since the collapse of a £530m takeover by Bain Capital, the US-based private equity firm, last December.

The transaction had come under fire from members and politicians infuriated by plans to sell ownership of one of the most historic names in the British insurance industry.

Mr Hartigan had insisted that the Bain takeover was essential to preserve LV=’s future, but came under…

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