Quindell’s deputy chairman, Jim Sutcliffe, has relinquished his post on the board of the Financial Reporting Council (FRC).
Sir Win Bischoff, the chairman of the FRC, said that Sutcliffe’s departure had taken immediate effect.
“I wish to thank Jim Sutcliffe for his commitment and service to the Board and his effective leadership of the Codes & Standards Committee and before that the Board for Actuarial Standards of the FRC,” he said.
Sutcliffe has given up his position as the chair of the FRC’s codes and standards committee only a few days after Quindell announced on 12 January that he would be joining the company. As part of the deal to become deputy chairman, Quindell will look for advice from BaxterBruce, a consultancy firm which Sutcliffe is also a director of. Sutcliffe has also received options over approximately 10.9m shares.