Kingsway Financial Services Inc said its Chief Financial Officer Shelly Gobin has left the company in the latest top-management reshuffle by the insurer seeking to cut costs and divest non-core businesses.
The Canadian property and casualty insurer, which ousted chief executive Shaun Jackson last month, named Daniel Brazier as interim CFO.
Brazier was previously the Chief Financial Officer of the Wholesale Banking Division at Standard Chartered Bank, Kingsway said in a news release.
Earlier in May, the company, which sells high-risk auto and truck insurance, touted a new leadership team intent on cutting costs and divesting non-core business after posting a first-quarter loss that nearly doubled from a year earlier.
The company had appointed Colin Simpson as its chief executive officer in April after ousting Shaun Jackson just hours after the annual general meeting. Simpson had been the chief operating officer and in charge of the transformation program.
Kingsway, which said about 1,000 employees will be removed from the total workforce over the next 18 to 24 months, also filled the board with directors who support the goals of activist shareholder Stilwell Group. Stilwell Group, which owns about 10 percent of the company, had long pressured Kingsway to cut costs and sell anything not related to nonstandard auto insurance.
Shares of the company closed at C$2.73 Friday on the Toronto Stock Exchange.
(Reporting by Kunal Raina and Chakradhar Adusumilli in Bangalore; Editing by Vinu Pilakkott, Dinesh Nair)