STM restructure continues with new NED named, acquisitions mooted
The restructuring process of cross border financial services provider STM Group Plc continues with the appointment of a new non-executive director and the promise further acquisitions, as the company finalises the full integration of Malta-based Harbour Pensions to the Group.
STM said in a statement today that it has named Graham Kettleborough as an independent non-executive director, with immediate effect. Kettleborough is well known in the life and pensions sector, having been chief executive of Chesnara Plc, a London Stock Exchange listed business, during the period from 2004 to 2014.
It is expected that a new permanent STM Group chairman will also be named in the coming weeks and follows the recent addition of a group internal auditor. In addition, the STM board said last week that it has taken the decision to recruit a chief operating officer to join the existing executives to allow its CEO to “focus more on group strategy”.
The moves comer as the company continues with the integration of its Harbour acquisition into STM Malta, expected to be completed by end of August with additional acquisitions of “pension administration businesses in both the international pensions market, as well as that of the UK domestic market” on the cards should they emerge.
Robin Ellison, interim chairman, STM Group, confirmed the company’s ambitions as he welcomed Kettleborough to the company. He said: “I am very pleased to welcome Graham to the board and look forward to his contribution given his extensive experience and knowledge of both the life assurance and pensions sectors.
“Graham’s appointment comes at an exciting time for the business, with plans for both a diversification of our product range as well as seeking opportunistic acquisitions.”
Kettleborough said “STM has demonstrated its ability to be innovative and resilient when faced with rapid changes to its marketplace, and I now hope to bring my experience of growing financial services based businesses into play, to help the existing board grow the business.”