(Adds background, details from statement)
June 12 (Reuters) - Specialist pension provider Just Group said on Wednesday LV= executive Andy Parsons will join the company as chief financial officer, even as it continues its search for a chief executive officer.
Parsons is currently group finance director at the insurer, also known as Liverpool Victoria, and has previously worked with Lloyds Banking Group’s insurance business and Zurich Financial Services. He replaces Simon Thomas who resigned last year.
Parsons’ appointment comes less than a month after the company reported a 59% slump in quarterly sales and announced plans to shut its loss-making U.S. operations as part of a cost-cutting programme.
Just Group has been suffering from the prospect of new rules from Britain’s Prudential Regulation Authority requiring more capital to be put behind lifetime mortgages, one of its key products. The rules come into force later this year.
“We are confident this (CFO appointment) will benefit Just Group as we continue to focus on disciplined capital management,” interim CEO David Richardson said in a statement on Wednesday.
Just Group, whose Chief Executive Officer Rodney Cook stepped down in April, said the company’s search process to find a full-time CEO was proceeding at pace. (Reporting by Muvija M and Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva)