The controversial London-listed company, which is the subject of a £600 million-plus legal claim over a business it sold to an Australian rival, will this week appoint its general counsel as its next boss, according to reports on Sky News. The news station reported that Stefan Borson will replace Indro Mukerjee as the chief executive of Watchstone Group which specialises in technology for the insurance industry at the end of the year.
New leadership
City leader Richard Rose has been appointed chairman and it has been tipped that the company would announce the appointment of Mr Borson as its new boss ahead of its impending annual meeting.
Track record
Mr Mukerjee has run the AIM-listed Watchstone for less than two years and his management oversaw the return of £414 million of capital to Watchstone's shareholders in November 2015, increased revenues in its underlying businesses and significantly reduced losses.
Legal proceedings
However, Slater & Gordon, which bought what was then Quindell's biggest operating division, has launched legal proceedings aimed at recouping more than £635 million. It is understood that Watchstone intends to file a defence against the Slater & Gordon claim in the coming weeks.
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