Leeds-headquartered CPP Group has confirmed it will close its Leeds base as part of a set of cost cutting measures designed to streamline the business.
Also, chief executive officer Simon Pyper will step down as group CEO with effect from 30 September 2025 and will become chief financial officer & managing director of Legacy Operations.
In this new role, he will focus on financial discipline, cash management and the orderly run-off and optimisation of legacy activities. He is expected to leave the group during 2026.
David Bowling (chief financial officer) and Eleanor Sykes (chief operating officer) will step down from the Board and their executive roles but will continue, in a non-executive capacity, with UK regulatory approved responsibilities for Homecare Insurance Ltd, the group’s captive run-off insurance business. They will oversee its operations and orderly closure.
Brian Barter has been appointed CEO of the group’s parametric InsurTech business, Blink, and will join the group Board pending completion of customary due diligence.
CPP says actions taken by the group in recent years are expected to see central costs come down from £10.1m in FY 2023 to a run rate in the region of £2.5m per year, subsequent to the most recent round of cost cutting.
David Morrison, chairman, said: “This reorganisation simplifies and streamlines the group’s senior management structure, reducing aggregate central cost while focusing on the requirements of Blink and the management of the legacy operations.
“On behalf of the Board, I would like to thank Simon, David and Eleanor for their outstanding service and contribution to the company.
“Simon took over as CEO early in 2022 and has been responsible for instigating and executing the strategy that has led to the exit from the legacy holdings in Turkey and India and refocusing the group on Blink.
“David played a critical role in the financial management of the group in the same period and for executing the group’s legacy disposals, including those most recently in Turkey and India, and Eleanor has made a noteworthy contribution to the operational effectiveness of all aspects of the group.
“In the period in which they have been in their respective roles, the group has been transformed in terms of strategic clarity and objectives and operational discipline, and I am pleased that each of them will continue, in different capacities, to be involved with the group for a while to come.”
link
