Moneysupermarket compares candidates to succeed chairman

The price comparison site Moneysupermarket Group has become the latest big British company to begin searching for fresh leadership as new rules loom that will curtail chairs' status as independent directors.

Sky News has learnt that Moneysupermarket, which also owns the MoneySavingExpert operation set up by the entrepreneur Martin Lewis, has hired headhunters to identify a successor to Bruce Carnegie-Brown.

Mr Carnegie-Brown has chaired the company since April 2014, but has served on the board for nearly nine years, including an earlier stint as a non-executive director.

Under the revised UK Corporate Governance Code, which comes into effect next month, the Financial Reporting Council has said that the chairs of listed companies "should not remain in post beyond nine years from the date of their first appointment to the board".

The previous regime stated that chairs would reset the clock on their nine-year limit upon appointment to the role, even if they had already served for several years as a director.

Dozens of companies will fall foul of the letter of the revamped code, which is aimed at injecting fresh leadership into boardrooms during a period when corporate chiefs are under pressure to make them more reflective of broader society.

Mr Carnegie-Brown, who is widely regarded as an effective boardroom operator, has a full portfolio of directorships as the chairman of Lloyd's of London, the insurance market, and the lead independent director of Banco Santander (Amsterdam: 817651.AS - news) .

In his role at Moneysupermarket, he has overseen a leadership transition to Mark Lewis, who took over as the company's chief executive last year.

Operating in sectors including financial services and energy, the company has, nevertheless, had a difficult 2018, with its shares down nearly 20% over the last 12 months.

In February, the new chief executive announced an overhaul of its strategy focused on diversifying into new products and personalising services more effectively.

A Moneysupermarket spokesman declined to comment on Friday.