New boss ‘must back mutual ownership’

LV’S next boss must show their commitment to keeping the insurer’s treasured mutual status, MPs and members demanded last night.

As the firm announced chief executive Mark Hartigan was stepping down, campaigners called for a replacement who had members’ interests firmly at heart.

It follows suspicion from many members over Hartigan’s attempts to sell the insurer to private equity shark Bain Capital. Though last year he said it was the only way for the business to survive, he rode back on those claims early in 2022 after members voted the deal down.

Hartigan, who started his career in the British Army, had no experience of working for a member-owned or mutual business before joining LV.

Members hope recently appointed chairman Simon Moore will be able to pick a boss who is more suited for the role.

Labour MP Gareth Thomas, who leads the all-party parliamentary group on mutuals, said: ‘It’s encouraging that the new chairman has moved decisively to appoint a new boss. I hope he will be equally decisive in finding someone to take the reins who is committed to mutuality.’

John Higgins, an LV member for more than 50 years, urged it to find a stand-out candidate who has worked for a building society or other mutual.