LV= has announced that Mark Hartigan is to step down as interim chief executive and a member of the board.

The savings, investment and protection provider confirmed that the process to appoint a new, permanent, chief executive is already underway.

Hartigan has agreed that he will remain in his interim role while the search for his successor takes place.

LV= stated that under Hartigan’s leadership, the firm has strategically refocused away from mass market offerings to targeted and under-served markets.

This includes moves to help families build financial resilience with income and critical illness protection, offer a wider range of low volatility investment solutions to support people into their retirement, as well as help people to access housing wealth in retirement bringing Equity Release as a central pillar of later life financial planning.

Hartigan commented: “LV= is an outstanding company with a prosperous and dynamic strategy and outstanding employees who serve this mutual’s membership with passion and professionalism.

“I express my gratitude to the board of LV= who charged me with very specific and fundamental tasks when I was appointed. I, particularly, want to thank the employees of LV= who have been absolutely key to putting this hugely important business back on a much firmer footing.”

LV= chair, Simon Moore, added: “With LV= now looking forward to the future with confidence, the board and Mark have agreed that the time is right to appoint a permanent chief executive to build on this platform and further develop a sustainable mutual future for LV=. I will be leading the search process with support from Russell Reynolds Associates.

“On behalf of my fellow board members I would like to thank Mark for everything he has done during his time as LV= chief executive.”

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