Chief executive quits CPP as takeover deadline approaches

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.