September 16, 2019 / 6:50 AM / 2 months ago

Former Royal London executive takes over as Direct Line CFO

(Reuters) - Direct Line (DLGD.L) appointed on Monday former Royal London executive Tim Harris as its chief financial officer, as Britain’s largest motor insurer faces a market that has been bogged down by stiff competition and regulatory changes.

Harris, set to take over on Oct. 1, will be replacing Penny James, who was promoted to the role of the chief executive officer in February.

Direct Line, whose shares are to be demoted from London’s blue-chip index next week, posted a 10% fall in first-half earnings in July due to heavy competition and government-ordered changes in how it calculates compensation.

Reporting by Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips

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