26 Sep 2003
Board changes at Egg plc
Egg plc (Egg) announces today that Stacey Cartwright, Director of Egg plc and Chief Financial Officer, has resigned.
Stacey has been with Egg since November 1999 as Chief Financial Officer and has played an important role in successfully guiding Egg through some of its key milestones and achievements, including flotation in 2000 and turning the business in the UK from a position of start-up losses to sustainable and growing profitability today. After 4 years in the role, Stacey has concluded the time is now right to seek new challenges. It is with regret that the Board has accepted that Stacey has decided to pursue alternative career opportunities outside the financial services sector. It has been agreed with Stacey that her resignation will take place with immediate effect.
Egg is pleased to announce the appointment of David Doyle to the Board of Directors and as Egg's new Chief Financial Officer, with immediate effect (subject to regulatory approval). David joins Egg from Prudential where, for the past three years, he has served as Head of Corporate Finance reporting to the Group Finance Director. He joined Prudential in 1996 from Arthur Andersen.
Commenting on the appointment, CEO Paul Gratton said:
"We are delighted to welcome David to Egg. He will be an excellent addition to the senior executive team. Coinciding with our five year anniversary, David is joining us at a very exciting time and at a time when the team is focused on building on Egg's achievements to date. I am looking forward to working with him greatly."
Commenting on Stacey's resignation, Paul continued:
"We are sad to see Stacey go, but understand and accept that she is seeking fresh challenges outside the financial services sector. She has made an enormous contribution to Egg and has always demonstrated professionalism and personality in all areas of her work. I will personally miss the strong working relationship we have developed together."
Stacey Cartwright added:
"It's always sad to leave a company where you have been so happy, and to leave a great and supportive team and colleagues. Egg is a very special company, and I feel honoured to have been part of its success story. From a personal perspective however, the time is right for me to seek fresh challenges. I wish Egg every success in the future.”
The Board is also pleased to announce that Mark Nancarrow has been appointed to the Egg plc Board of Directors with immediate effect. Mark Nancarrow joined Egg in 1998 and has been Chief Operating Officer since October 1999 during which time he has been instrumental in developing the UK business to the profitable business of scale it is today. Prior to joining Egg, Mark held senior positions at (then) Midland Bank and Watson Wyatt Partners.
Notes to Editors:
- Egg plc is Europe’s leading digital financial services provider, providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
- Egg.com is the world's largest pure online bank with a 1,883,000 Unique Audience in March 2003, according to Nielsen/Netratings UK Audience Measurement Data.
- Egg plc floated on 12 June 2000 raising proceeds of approximately £150 million and is listed on the London Stock Exchange. Prudential plc continues to hold 79% of the share capital.
- Before joining Egg, Stacey was at Granada Group plc, where she worked in a variety of roles from 1988 to 1999 including Director of Finance and Corporate Development and Commercial Director, Granada Media.
- Stacey is 39 years old, qualified as a chartered accountant with Price Waterhouse, London, and has a degree in Economics with Accounting and Finance from the London School of Economics.
- David Doyle is 37 years old and qualified as an accountant with Arthur Andersen in 1987.
- David is a Fellow of the Institute of Chartered Accountants in Australia and holds a Bachelor of Business Degree from the Royal Melbourne Institute of Technology.
- Mark Nancarrow, 43, holds a Degree in Law and Accountancy from Cardiff University.
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