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Mendelsohn squeezed out of Royal & Sun Alliance

Royal & Sun Alliance chief executive Bob Mendelsohn is stepping down, after months of speculation that his departure would be the price of a rights issue.

Mendelsohn will be replaced in the short term by current chief operating officer Bob Gunn, pending the recruitment of a replacement.

Mendelsohn will receive a payout of £1m as compensation for his contract which has two years left to run.

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