Swinton Insurance Full Executive Board sacked (by French parent co)
French parent Covea has dismissed the entire executive board of Swinton Insurance in an unprecedented move. Swinton is not solely a specialist business insurer, and offers the full retail and consumer insurance cover as its role as insurance broker. Chief executive Peter Halpin and his executive board have been sacked over share scheme dispute, relating to Swinton board’s performance-related share scheme payments.
The insurance times published Covea's statement:
Covea has taken this action because it had lost confidence in the executive board. It was concerned that the former executive board has put their short term interests ahead of the long term interests of the company and its employees.
Many, including ex-Swinton staff and employees, seem to agree with the decision, as tipified by Richard Chapman's comments on the Insurance Times website 13 December 2011, where he states:
As a previous Swinton branch manager I fully agree with this decision that has been made as it appears to protect employees interests. Swinton is run at breakneck speed with little or no regard for employees lifestyles, even though they have a charter indicating they are "mindful of a work life balance " nothing could be further from the truth. In my experience the company had little regard for employees who didn't put Swinton ahead of everything in their personal or private life, with a failure to understand why staff didn't want to work 50 hour weeks including Sunday's?
To check more of the Insurance Times article "Swinton's executive board sacked over share scheme alarm."