Lloyd's Names New Chairman
NU Online News Service, June 12, 1:30 p.m. EST, London–Lloyd's of London today announced that the next chairman of the market will be Peter Levene, who is presently vice chairman of Deutsche Bank London.
Mr. Levene will be the first chairman of Lloyd's in its 314-year history to be selected from outside the London-based insurance market. He will succeed Sax Riley, who is retiring at the end of the year after two years in office.
"As part of our reform process, we said we wanted to appoint an individual of the highest caliber with experience of business outside the Lloyd's market. Lord Levene fits the bill perfectly," said Mr. Riley. "He has a breadth of experience and knowledge of international commerce that will be a tremendous asset for Lloyd's."
He added: "I've made the point in the past that the Lloyd's market has been too inward looking. Peter Levene's appointment is a key step in helping to remedy that."
Mr. Riley said that "during my term, I set myself the task of getting agreement on a plan to modernize Lloyd's. I will drive forward those proposals and put them to the membership this year. Peter Levene has set himself the challenge of implementing the proposals once agreed to–and I have absolute confidence is his ability to do so."
Mr. Levene said he is committed to the modernization of the Lloyd's market begun by Mr. Riley and the Chairman's Strategy Group.
"This is a fascinating time to be joining the team at Lloyd's," said Mr. Levene, speaking after this morning's meeting of the Council of Lloyd's at which his appointment was confirmed. He said that Lloyd's current administration "have set the market firmly on the course towards reform and wholesale modernization. My task?is to complete the work they've begun."
He said that Lloyd's has "already succeeded in making a series of major improvements to its operation since the mid-1990s. The goal of a modern, transparent and profitable business for the 21st century is well within our grasp. This modernization will be my top priority as chairman."
Mr. Levene has been nominated by the Council of Lloyd's to take up the chairmanship of the newly created Lloyd's Franchise Board once it is established in the fourth quarter of this year, and will become the 61st chairman of Lloyd's when he officially takes up his position at the end of the year.
Josef Ackermann, a representative of Deutsche Bank, commented that "while we are very sorry to lose Peter Levene, we are delighted that the Council of Lloyd's has selected one of our colleagues at Deutsche Bank to lead such a world-renowned institution. We know that they have made a very wise choice, and that Peter will carry out the role with great distinction."
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