Openwork Partnership chief executive Richard Houghton has left his role with “immediate effect”.
In an internal memo, Philip Howell confirmed he has resumed his role of CEO on an interim basis until a permanent replacement is found.
Meanwhile, Duncan Crocker will take on the role of chair.
The group said it will begin the process of recruiting a new CEO shortly.
Houghton joined Openwork as chief financial officer in July 2020, after a stint as interim CFO.
He began his career in audit, corporate recovery and corporate finance with Deloitte before leaving practice to join the financial services industry.
For nearly a decade, from 1998 to 2007, Houghton worked for the Royal Bank of Scotland Group, serving latterly as chief operating officer for RBS Insurance.
Between 2007 and 2012, he served as group chief finance officer at Aspen Insurance Holdings before joining RSA Insurance Group in 2012 as group chief financial officer.
From 2016 to 2017 he served as interim CFO at Co-operative Insurance and held the same position at Hyperion Insurance Group throughout 2019.
He is also an experienced non-executive director, having served as chair of the audit committee at Standard Life Assurance Ltd between 2017 and 2018, and on the Phoenix Life boards from 2018 to 2019.
The news of his departure follows last month’s announcement by Openwork that it had secured investment from global private investment firm Bain Capital.
In 2023, Openwork announced its intention to seek a minority investor to support its growth plans.
“With Bain Capital as our new partners, we are entering an exciting new era for Openwork,” the memo said.
“We are now commencing detailed planning for our inaugural year together, which we look forward to sharing with you at the conference in January and on all colleague briefings.”
A spokesperson for Openwork has confirmed the changes in CEO and chair, and said there will be no further comments at this time.
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