EQUITABLE LIFE MEMBERS
Equitable Press Release - 26 Nov 2003
Last Updated: Wednesday, November 26, 2003 04:42 PM
Equitable Life announces retirement of Sir Philip Otton
Life has today (date) announced that Sir Philip Otton, Deputy Chairman,
has decided to retire from its Board of Directors. He will leave the Board
at the end of the year.
Philip, aged 70, is a former Lord Justice of Appeal and joined the Society
in March 2001 as part of the new Board.
Philip said today: “Equitable Life has faced an unprecedented minefield
of legal issues and, as a policyholder of many years standing, I have been
pleased to have been able to assist the Society and my colleagues to seek
the most appropriate path forward. The business is now stabilising, the
claims against the Society are under control and the recent Court
decisions in the claims against the former directors and Ernst & Young
vindicate the Society’s action against both parties. I made clear to the
Chairman that I would step down at the appropriate time and that time is
Treves, the Society’s chairman, said today: “The new Board inherited a
myriad of unique challenges and Sir Philip has made an immense
contribution to the Society in the past two-and-a-half years as Deputy
Chairman, and Chairman of our Legal Audit and Remuneration Committees.
Policyholders should be very pleased that we had such expertise and wise
legal counsel representing their interests on the Board.”