Ian Hay Davison has submitted his resignation...
Ian Hay Davison has submitted his resignation as deputy chairman and chief executive of Lloyd’s of London. The resignation, submitted in a letter to the board that Davison released to the press Monday, came in the wake of differences of opinion with the board over the independence of his job.
Hay Davison said his resignation would be effective May 11, 1986.
A spokeswoman for the insurance underwriting exchange said she did not know yet if the resignation had been accepted.
Hay Davison said in the letter that he could not continue to work as chief executive while the board debated whether the job should remain independent from, but responsible to, the board. He said that resigning would allow him the freedom to argue that the post be kept independent.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
