The chairman of Plan B Group (Plan B) will review the company’s core business units, including all positions.
Plan B chair Bryan Taylor told InvestorDaily he has given a commitment to the listed firm’s board that a company-wide review be undertaken to make sure the business is structurally “ship shape” ahead of the planned appointment of a new chief executive.
Taylor also confirmed that as an outcome of the impending appointment, Plan B group executive group advisory services David Newman was retrenched last month.
Taylor said there is no link between Newman’s retrenchment and his performance as group executive group advisory services of Plan B.
Taylor would not be drawn on whether further retrenchments would be made, only to state “every role is being analysed” and the company will go through a proper redundancy process if required.
He said the decision to take such measures is to ensure the new chief will have the opportunity “to grow, not cut” once they come onboard.
“I committed to the board that before the [chief executive] starts [I would] get the business ship shape,” he said.
Taylor said in light of the Future of Financial Advice reforms, the company needs to remain competitive in a tougher advice market.
Plan B has been under Taylor’s watchful eye since a management shake up last year, which saw the departure of long-standing managing director Denys Pearce.
It was recently decided between Taylor and the board that a new chief executive should be found to take the company to its next phase of growth.
“We’re in the market for a [chief executive] to succeed me,” Taylor said.
He said the company has a short list of people for the role and he has personally approach a number of potential candidates.
Plan B will announce a new chief in due course, he added.
The original version of this article may have caused some readers to infer that David Newman was
retrenched from his position as group executive group advisory services of Plan B for performance
reasons. Such an inference is incorrect. Plan B Group Holdings Ltd and executive director Bryan
Taylor regret if any readers drew such an inference and apologise to Newman if this was the case.
Plan B Group Holdings Ltd and Taylor wish to make it clear that there was no link between Newman’s retrenchment and his performance as group executive group advisory services of Plan B.
