On Wednesday, Richard Ward, chief executive officer of Lloyd’s, announced his intention to resign at the end this year.
“This has not been an easy decision to make but, as Lloyd’s longest-serving CEO, I believe it is now right to hand over the reins to someone else to take Lloyd’s into its next chapter,” Ward said, according to a media statement, which did not given any other reason for the decision.
Chairman of Lloyd’s John Nelson, paying tribute to Ward on behalf of the Council of Lloyd’s and the market, noted that the CEO gave “truly outstanding service” over such a long period of time.
Ward joined Lloyd’s as CEO in April 2006.
Previously he worked as both CEO and Vice-Chairman at the International Petroleum Exchange (IPE), re-branded ICE Futures. Prior to this, he held a range of senior positions at BP, after pursuing a scientific career with the Science & Engineering Research Council (SERC).
“The Lloyd’s market is in a significantly stronger position than when he joined, and Richard deserves great credit for this, as does the management team,” Nelson said, adding that the early announcement will allow Lloyd’s to select a successor in a timely manner.
The Council of Lloyd’s and Franchise Board will now conduct a process with a view to the appointment of a successor before the end of the year, Lloyd’s said.
Ward said: “It has been a huge privilege to lead this great institution, and I am very proud of what has been achieved in my time as chief executive, adding that “Lloyd’s continues to evolve, adapt and thrive and has maintained its position at the center of the insurance world.”