Quindell founder gives up chief executive job

The founder of troubled outsourcing group Quindell relinquished part of his role yesterday after a turbulent few months that have seen the company’s shares hammered by short-sellers.

Quindell, which began life as a golf and country club, handles outsourced insurance claims for car insurers and also makes black boxes for vehicles to help insurers monitor how customers drive.

Rob Terry will become non-executive chairman of the Aim-listed group, and Robert Fielding, currently head of its services division, will serve as chief executive.

The company, based in Fareham, Hampshire, has been under pressure since April when £900m was knocked of its value following rumours – later denied – about its financial position.