LONDON: CPP Group Plc (CPP.L) said on Tuesday it was reorganising its leadership and implementing significant cost reductions, including the closure of its Leeds office, to align its structure with its refocused business strategy.
The announcement, made ahead of interim results due on Sept. 29, follows the completion of a change programme and the recent disposals of its operations in Turkey and India.
The insurance assistance firm said Chief Executive Simon Pyper will step down from the role on Sept. 30, 2025, and transition to Chief Financial Officer & Managing Director of Legacy Operations. He is expected to leave the group during 2026.
Chief Financial Officer David Bowling and Chief Operating Officer Eleanor Sykes will also step down from the board and their executive roles on Sept. 30. They will remain as non-executive directors of the group’s captive run-off insurance business, Homecare Insurance Limited, to oversee its orderly closure.
Brian Barter, CEO of the group’s core Blink business, has been appointed to the group board.
Chairman David Morrison thanked the executives for their “outstanding service,” noting that Pyper had led the strategy to exit legacy holdings and refocus the group on Blink.
The company said the measures, combined with actions in recent years, will reduce central costs to an annual run rate of about 2.5 million pounds ($3.2 million), down from 10.1 million pounds in 2023.
“The reorganisation simplifies and streamlines the group’s senior management structure, reducing aggregate central cost whilst focusing on the requirements of Blink,” Morrison said.
($1 = 0.7825 pounds)