Rob Terry steps down as Quindell CEO

Rob Terry has relinquished his position as CEO of Quindell after a difficult period for the group.

Terry, who will continue as chairman of the group's board, has been replaced by Robert Fielding, who was CEO of Quindell's services division.

Quindell has been fighting negative reports over its trading position fuelled by short sellers and certain parts of the UK's financial press.

The company has also appointed Stephen Joseph, formerly with Bank of America Merrill Lynch, as its head of investor relations; and Michael Bancroft, who has worked at BTG Pactual, JP Morgan and UBS, as head of corporate development.

"This proposed Board change marks a continuation in the development of the Group’s governance and succession planning," said Quindell in a statement.

"As previously announced at the time of the Company’s full year results, it is the Company’s intention to appoint additional independent Non-executive directors. This recruitment process continues, with a number of suitable candidates already identified. Further announcements will be made in due course."

At its AGM, held on 19 July, Quindell also revealed that it continued to experience positive trading having secured new contracts and extended existing ones, worth in excess of £250 million annually, subject to claims frequencies.

"This results in an increase in the revenues for a number of the business areas but most significantly within Legal Services, where run rate revenues are expected to increase from c.£650 million per annum to c.£900 million per annum from the start of H2 2014," said the company.  

Mark Dugdale