Quindell appoints Mark Williams as finance director

Quindell has appointed Mark Williams as its new group finance director, in a further effort to break from its chaotic past.

The former stock market favourite agreed last month to sell most of its business to Australian law firm Slater & Gordon for an initial cash payment of £637m.

That will leave the Aim-quoted company with a small group of car insurance businesses, which generated about £8.5m in adjusted pre-tax profits in the first half of 2014.

Mr Williams, who was finance director at asset manager Cofunds until a management reshuffle in early 2014, will have the job of restoring financial credibility to Quindell, which is yet to publish audited accounts for last year.

A review by PwC, the professional services firm, found that, under Laurence Moorse, Quindell's current finance director, some of the company's accounting policies "are not appropriate". Other policies, with regards to revenue recognition and acquisition costs, are "largely acceptable but are at the aggressive end of acceptable practice".

Mr Moorse, a long-time associate of Quindell's controversial founder Robert Terry, will step down after the sale to Slater & Gordon is completed. His departure was announced last November, at the same time that Mr Terry was ousted.

Mr Williams has been working as a consultant to Quindell since January. His appointment means that Quindell's board has now changed significantly since shortsellers Gotham City Research lambasted its lack of independence a year ago.

However, Quindell is still looking for a new chief executive, with its current head, Robert Fielding, due to transfer to Slater & Gordon along with the legal services division.

Quindell's shares were up 1.8 per cent in early trading on Tuesday. Its market capitalisation is about £560m, significantly less than the cash sum that it is due to receive from Slater & Gordon.

Neither Quindell's house broker Cenkos nor any other brokerage currently publishes research on the company.

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