Oct 2 (Reuters) - Freedom Insurance Group Ltd (FIG) :
- FREEDOM ANNOUNCES BUSINESS RESTRUCTURE
- MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR KEITH COHEN HAS LEFT COMPANY AND WILL CEASE AS A DIRECTOR OF FREEDOM
- CRAIG ORTON HAS BEEN APPOINTED AS CHIEF EXECUTIVE OFFICER
- CHIEF FINANCIAL OFFICER JENNY ANDREWS INTENDS TO DEPART COMPANY
- COMPANY WILL INCUR APPROXIMATELY $4.8 MILLION OF RESTRUCTURING COSTS
- RESTRUCTURING INITIATIVES EXPECTED TO REDUCE ANNUAL OPERATING EXPENSES BY AT LEAST $15 MILLION
- COMPANY WILL NOT GENERATE UP FRONT COMMISSION REVENUE WHILE ITS SALES ARE SUSPENDED
- WILL REDUCE STAFF TO ABOUT 90 EMPLOYEES AND WILL DECREASE OTHER OPERATING COSTS TO ALIGN THEM WITH REDUCED ACTIVITIES.
