Resolution chairman Biggs to step down following overhaul

LONDON Fri Oct 19, 2012 2:38am EDT

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LONDON Oct 19 (Reuters) - Insurance buyout firm Resolution said on Friday its chairman Mike Biggs would be leaving the firm as part of an overhaul to its complex board structure.

Resolution announced a revamp in August which will see it stop outsourcing acquisition activities to an external firm run by founder Clive Cowdery, and bring Cowdery onto its board of directors for the first time.

"Mike considers the governance changes create a natural point at which to appoint a new chairman and this will also enable him to focus on his other non-executive commitments," the company said in a statement.

Announcing the make of its new board, Resolution said Biggs, who is also chairman of recently floated British insurer Direct Line, would stay to oversee the period of change.

The company has begun the process of appointing a new chairman, as well as another independent non-executive director, it added.

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