(Reuters) - Insurance claims processor Watchstone Group Plc (WTGW.L), formerly known as Quindell, said Stefan Borson, the firm’s general counsel and company secretary, will succeed Indro Mukerjee as chief executive officer.
Watchstone said it would cut the size of its board by January next year to comprise its non-executive chairman, CEO, finance director and two non-executive directors.
This month, Watchstone was served with High Court proceeding issued by Australia’s biggest class-action law firm Slater and Gordon SGH.AX for breach of warranty and/or fraudulent misrepresentation for a total amount of up to 637 million pounds ($810.71 million) plus interest in damages.
In 2015, Melbourne-based Slater & Gordon paid 637 million pounds for the professional services unit of Quindell Plc, making it one of that country’s biggest law firms. Soon after, Quindell was accused of accounting irregularities, leading to fierce selling in Slater & Gordon shares.
($1 = 0.7857 pounds)
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair