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RSA Appoints Chief Operating Officer To Lead Strategic Disposals(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - RSA Insurance Group PLC Tuesday said it has appointed Paul Whittaker, its current emerging markets chief, to a new role as group chief operating officer, giving him responsibility to make strategic disposals and to support the insurer's remaining emerging markets businesses. In a statement, RSA said Whittaker will also assume responsibility for bringing together IT, global specialty lines, underwriting, as well as claims and broker relationships and sales, all of which are areas where the insurer said it can add value as a group. The new chief operating officer will also be entrusted with bringing together the group corporate centre to ensure it is coordinated, aligned behind key business objectives, and as lean and effective as possible. Whittaker will also become deputy chair of the group executive committee and a member of the regional executive committees. "This role reflects our new strategy and will provide essential co-ordination and focus for the successful delivery of the self-help measures underway to recapitalise the business, improve performance and develop lean, low-cost, efficient operations," Stephen Hester, who became chief executive in early February, said in a statement. "Our mission remains to be really good at what we do – for both customers and shareholders. We have a bright future as a high performing, international general insurer if we deliver on our promises and use this opportunity well," Hester added. RSA is trying to return to health after issuing a series of profit warnings in 2013, as it was hit by accounting irregularities in its Irish operations and suffered from mounting claims. Reporting a GBP244.0 million pretax loss for 2013, the insurer unveiled a package of measures to strengthen its balance sheet, including a rights issue for GBP773.0 million, the scrapping of its dividend, a cover policy underwritten by Berkshire Hathaway, and plans to raise GBP300 million from business disposals in 2014. Whittaker joined RSA as group HR director in April 2003 before becoming emerging markets chief executive in October 2006. RSA shares were Tuesday quoted at 92.95 pence, up 0.1%. Copyright © 2014 Alliance News Limited. All Rights Reserved. |