Friends Provident in a shake-up at the top

There was a management shake-up at the top of Friends Provident today, as the insurer prepared itself for a reintroduction to the stock market in two or three years.

Trevor Matthews, the 58-year-old Aussie with an eye on a return home in roughly the same timescale, is moving to vice-chairman from chief executive.

He will be replaced by industry veteran Andy Briggs, the boss of Lloyds Banking Group's general insurance arm.

Friends was bought by Resolution in 2009 for
£1.8 billion, the first big deal by the insurance consolidator. It plans to restore a fading group to power, then exit the business.

A Resolution statement said: "Trevor has concluded that, in view of his personal intention to return with his family to Australia...and the substantial agenda of work ahead, a new chief executive should be appointed to lead the business through an anticipated return to direct public-market ownership."

Resolution was formed by entrepreneur Clive Cowdery to consolidate a sector seen as bloated. Chief executive John Tiner said today's news shows Resolution is moving "from the acquisition phase to integration".

Some City observers say this indicates it is finding it difficult to complete further takeovers.