Lloyd’s appoints Richard Ward as new Chief Executive
Lloyd’s, the world’s leading specialist insurance market, today announced that Richard Ward has been appointed its new Chief Executive.
Richard Ward was Chief Executive of the London-based International Petroleum Exchange (IPE), re-branded ICE Futures, in advance of the parent company listing on the NYSE in November 2005. He currently works as Vice-Chairman of ICE Futures.
In his six years as Chief Executive of IPE he successfully led it through a period of radical development designed to improve efficiency and profitability.
Announcing the appointment, Lord Levene, Chairman of Lloyd’s said:
“I am delighted that Richard has agreed to join Lloyd’s at such a critical time for the market. Lloyd’s has made huge progress in recent years and is in good shape but we are clear there is still much to do to improve the market’s efficiency and move to the next level. In Richard we will have a strong leader with deep first-hand understanding of financial markets, and the proven skill to drive and deliver change.
“At the IPE, he won consensus among market participants with often divergent interests. Those skills will be invaluable in his new role, where the key task is to provide the market with an efficient, modern platform. Senior market executives were centrally involved in the recruitment process, and have no doubt that Richard will make a significant positive impact on Lloyd’s.”
Commenting on his appointment, Richard Ward said:
“Having spent many years running a financial market in the City of London, I am acutely aware that Lloyd’s is one of the great global brands and has made significant strides forward, overcoming major challenges. The market is in a strong financial position but is ambitious to move forward to the next stage. I am delighted to have the opportunity to lead Lloyd’s on that journey, and I look forward to working with such a highly-regarded market.”
Welcoming the appointment, Bronek Masojada, Deputy Chairman of Lloyd’s and Chief Executive of Hiscox plc said:
“Lloyd’s task is to create a compelling platform for insurers, in the face of increasing competition for the business. That needs skilled and determined leadership. Richard has proved he has the skills to get complicated things done in a complex financial market. He is clearly someone not easily satisfied with the status quo, but with the proven ability to lead from the front to achieve necessary change.”
Charles Philipps, a member of Lloyd’s Council and Chief Executive of Amlin plc said:
“Richard has the drive and vision to grip the task of providing Lloyd’s franchisees with an outstanding platform, while looking to the future. That is no small task: it means making sure the Corporation of Lloyd’s raises its game, to deliver an excellent service to franchisees, with complete openness and transparency.”
The appointment is subject to his formal appointment to the Council of Lloyd’s as a Nominated member and confirmation of that appointment by the Governor of the Bank of England. Such confirmation has been received from the Governor. The appointment is also subject to approval by the Financial Services Authority.
He will start work at Lloyd’s on Monday 24th April.
Notes to editors
1. Richard Ward has a 1st Class Honours degree in Chemistry, and a PhD in Physical Chemistry from Exeter University.
He is a fellow of the Royal Society of Arts, and a member of the Royal Institution and the Institute of Directors.
He is a non-Executive Director of LCH.Clearnet, formerly the London Clearing House.
Aged 49, he is married with two sons and lives in London.
Summary of Career
2005 Intercontinental Exchange
Vice Chairman, ICE Futures
1995-2005 International Petroleum Exchange (rebranded ICE)
1999 -2005 Chief Executive
1996–99 Executive Vice President
1995–96 Director, Product Development and Research
1994-95 Tradition Financial Services (Over the counter energy broker)
Head of Marketing and Business Development
1988-94 BP plc
1991-94 Head of Business Development and Marketing, BP Oil Trading
1988-91 Senior Manager, BP Research
1982-88 Science and Engineering Council
2. The appointment of the Chief Executive Officer is a matter for the Council of Lloyd’s. However, the CEO is a Nominated member of the Council and the appointment of all Nominated members of Council is subject to, inter alia, confirmation by the Governor of the Bank of England. The Governor has provided such confirmation. The Governor does not play any part in the selection of the CEO.
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