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Tenet appoints two non-exec directors

Tenet has appointed Friends Life operations director Robin Smith and Aviva director of intermediary sales Andrew Beswick as non-executive directors.

Smith replaces Friends Life group strategy director Nathan Moss while Beswick replaces former Aviva director of intermediary Simon Bradley, who left the firm in August.

Friends and Aviva both hold over 20 per cent stakes in Tenet Group. In 2002, they paid £9.5m each to take 9.9 per cent shares in the firm and in 2005 they exercised options to increase their holdings to 20 per cent for an undisclosed sum. In 2010, they each increased their own shareholding again slightly.

Standard Life and Aegon both hold similar stakes in the network.

Tenet group distribution and development director Keith Richards says: “The two appointments reflect the interests of the respective shareholders.”

Money Marketing revealed last week that Tenet will appoint a new chief executive before the end of the year but has ruled out interim chief executive Martin Greenwood who has not applied for the role.

Former chief executive Simon Hudson founded Tenet Group in 1992 but quit in August, saying he would have had to remain at the firm for a further five years to oversee the implementation of the RDR.

In February, Tenet announced losses of £1.6m for the year to September 30, 2010 following a £1m loss the previous year.


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