Sesame Bankhall group executive chairman Ivan Martin will report to Friends Life UK Heritage business chief commercial officer Evelyn Bourke under changes which will see a long-term incentive plan introduced for Sesame’s executive team.
Friends says the incentive plan is focused on delivering value to the business over a four to six-year period.
Sesame made no profit in the first six months of the year following a £2m profit in the first half of 2010. Friends says this is due to a significant investment programme ahead of the RDR.
A spokeswoman says: “Ivan and his team have committed personal and significant investment in the business and have committed their long-term future to Sesame.”
Martin previously reported to Friends Life chief operating officer David Hynam.
Chief executive Andy Briggs says the decision to have Martin report to Bourke will allow Hynam to focus on the integration of the Friends Provident, Axa UK life insurance and Bupa Health Assurance businesses.
Briggs says: “We are moving the reporting line of Sesame into Evelyn. This does not mean Sesame will be a closed business, it will remain open. We feel, given Evelyn’s broad distribution experience, that Sesame Bankhall group fits better there.”