OUTSOURCING firm Quindell Portfolio yesterday appointed two independent directors as part of a board re-jig ahead of its planned move to the main London Stock Exchange.
The fast-growing Aim-listed company attracted attention earlier this year after it announced an astonishing 915 per cent rise in annual profits – only to see its share price halve after being hit by short sellers, forcing it to announce a more moderate acquisition strategy.
Robert Bright and Robert Cooling will now join the company’s board as non-executive directors. If Quindell makes the jump to the main market it will become a candidate for inclusion in the FTSE 250 due its £670m value.
Existing senior independent non-executive Tony Bowers has been promoted to the role of vice-chairman.
Cooling, who was previously a top NATO official and commanding officer of aircraft carrier HMS Illustrious, will now have to keep a watch on the company, which offers a wide range of services to leading insurance companies such as Direct Line Group.
Earlier this year chief executive Rob Terry told City A.M. that his company is Terry says his firm is now involved in one out of every five claims against a UK insurer. Shares in the company have been trading at record highs in recent weeks.