FBD shares slump as long-time CEO Andrew Langford steps down

FBD shares slumped as much as 11% yesterday after the insurer said that its chief executive of seven years has stepped down.

CEO Andrew Langford will be replaced on an interim basis by Fiona Muldoon, the group finance director, FBD said.

The announcement comes as the insurance group – in which Farmer Business Development owns a stake of around 26% – prepares to release its earnings results for the first six months of the year later this month.