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BBN loses its second chief exec in two months

Embattled national IFA Berry Birch & Noble has lost its second chief executive in a matter of months after Derek McLaughlan stepped down this week.

McLaughlan had been chief executive for less than two months. Berkeley Independent chairman Cliff Lockyer will step in as acting chief executive.

The news comes as the IFA&#39s holding company, Berry Birch & Noble plc, announced it has set aside a further £1.5m to meet the cost of the pension review.

The IFA says it has paid out about £2m to date and has a further £3m available to meet possible future liabilities, the full scale of which will not be known until June 2002.

BBN says McLaughlan&#39s departure is by mutual agreement.

It says McLaughlan, whose experience includes consultancy with Ernst & Young and positions as managing director of Zurich Commercial and Eagle Star Direct, was more used to the culture of very big companies.

BBN says Lockyer has the most appropriate individual skills to take on the role at this stage in the company&#39s development.

Other board changes include the appointment of Craig Butcher from the Berkeley Financial Services Group as group finance director, replacing John Owen who left at the end of March.

Group marketing director Stephen Ingledew says: “We are confident that Cliff is the best person to take the company forward.”

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