TROUBLED card insurer CPP yesterday lost its chief executive, finance director and managing director as the company prepares to cut hundreds of jobs as part of a severe restructuring plan.
The York-based business said it is now “operating on a much reduced scale” following fines for mis-selling which have left it facing substantial compensation payouts and unable to sell many products.
CPP is currently the subject of a takeover bid from founder and majority shareholder Hamish Ogston, who has offered 1p a share to take the company private with a deadline of 31 May. Ogston floated the firm in February 2010 at 235p.
Outgoing chief executive Paul Stobart yesterday said he will stand down once CPP is “on a firm footing for the future,” possibly after the takeover completes.
The company said total sales are down 25 per cent so far in 2013.