Richard Ward has announced his intention to resign as CEO of Lloyd's at the end of the year.
Ward spent nearly eight years in the role. His decision was announced today by the Council of Lloyd's.
“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,” Ward says, in a statement. “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.”
The statement gives no reason for Ward's departure.
John Nelson, chairman, adds, “I want to pay tribute to Richard, on behalf of the Council of Lloyd's and the market, for the truly outstanding service he has given over such a long period of time. 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 says the timing of the announcement allows the insurance market to “select a successor in a timely manner.” The Council of Lloyd's and Franchise Board has started the process, he says.
Ward came to Lloyd's of London in 2006 from ICE Futures, formerly known as the International Petroleum Exchange, where he served six years as CEO. ICE Futures operates an electronic regulated futures and options exchange for global energy markets.
The CEO spot at Lloyd's had been vacated by Nick Prettejohn, who left to become CEO of Prudential's U.K. insurance operations.
Blasts from the Past:
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