Towergate subsidiary CEO steps down as firm makes wider changes

Towergate, an independent insurance intermediary in the UK, has made changes to the executive management of its subsidiary Paymentshield, whose CEO Steve Wood is leaving the business.

Kay Martin has taken over Wood's executive responsibility for Paymentshield with immediate effect, in addition to her role as commercial director of Towergate.

Martin, along with the CFO of Paymentshield Rob Evans, will be responsible for leading the business.

Wood joined Paymentshield as the chief executive officer in March 2015.

"Steve and his team have done an amazing job in his time at Paymentshield, stabilising the business amidst disruptive speculation throughout 2015 following a difficult trading period for the wider Group," said David Ross, CEO of Towergate.

"He has led the initiative to secure new carrier relations, reenergised the workforce and reconnected customers with a much loved brand, reestablishing a market leading position. He leaves with our very best wishes and thanks for the work he has done."

Ross added: "As we look to 2017 and the next phase of our transformation plan, we have taken the opportunity to review and consolidate our executive structure. Steve and his team have primed Paymentshield so that it is fit for future growth; now is the perfect time to bring the business closer to the centre and benefit from leverage across products and people."

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