Bermuda-based insurance firm, Argus Group has announced that David Pugh will step down as chief financial officer (CFO) immediately following the forthcoming Annual General Meeting on September 24.
The announcement comes after it was revealed Pugh will retire in January 2016.
He will be succeeded by Peter Dunkerley who joined Argus Group as executive vice president, finance and treasury in 2013.
Pugh joined the Argus Group in 1983 as group financial controller. Over the last 33 years he has been involved with all aspects of the Argus operations, including the expansion of its businesses both in Bermuda and more recently in Europe.
As CFO, Dunkerley will assume responsibility for all financial operations of the Argus Group. Prior to joining Argus, Dunkerley was a director in the insurance practice of PricewaterhouseCoopers (PwC) in Bermuda.
Alison Hill, chief executive officer for the Argus Group, said: “I would like to express my heartfelt thanks to David for his considerable contribution to the Argus Group over the last 33 years. During his tenure, he has helped grow the Argus Group significantly, and is responsible for our expansion overseas into Europe.”
“Given the significance of the CFO role, it is critical that we had a well thought through succession plan and sufficient time for a period of handover. It is pleasing to note that Peter has had an opportunity to work very closely with David over the last two years to ensure that we have a smooth and seamless transition.”
“I am delighted that David has agreed to remain with the Argus Group on a consultancy basis after he retires. David will assist in driving forward our strategic plan with a particular focus on overseas acquisitions and business development.”
Argus Group, David Pugh, Peter Dunkerley, PwC, Alison Hill, Bermida