The board of Law Union & Rock Insurance Plc, on Thursday announced the appointment Ademauyowa Adeduro as Managing Director/Chief Executive Officer designate, subject to the approval of the National Insurance Commission (its primary regulator).
Adeduro replaces Akinjide Orimolade, whose “contract of appointment” expired on October 20, 2018, after four years on the saddle, according to the notice by Stanley Chikwendu, the company secretary.
It is not known why the company failed to name a successor in line with good corporate governance practices, as part of succession planning.
In separate filings, the board announced the exit of some principal officers, including Olabisi Olayiwola, its Chief Finance Officer, with effect from July 27, 2018, who has been replaced by Tunde Olaonipekun, a chartered accountant and Head, Financial Reporting & Budget in acting capacity.
Law Union also announced the exit of Steve Ajudua as Chief Marketing Officer with effect from September 15, 2018, following which Wole Yekini has been appointed in acting capacity
The company also announced the appointment of Peter Imona, a Chartered Accountant and Economics graduate of the University of Ibadan, as Head, Enterprise Risk Management.