Moneysupermarket.com founder steps down as CEO

18 December 2008 / by Rebecca Sargent
Founder of moneysupermarket.com, Simon Nixon, has stepped down as chief executive to become executive deputy chairman and focus on 'strategic innovation and development'.

Mr Nixon founded moneysupermarket.com in 1999 but Peter Plumb, currently managing director of the company's financial services business, will takeover as CEO from January 1 2009.

Commenting, chairman of the board at moneysupermarket.com, Gerald Corbett said: "Simon Nixon founded moneysupermarket.com and has built it into what it is today. His is a fabulous entrepreneurial achievement and we look forward to working with him in his new role as Executive Deputy Chairman and continuing to leverage his vision and energy in the further growth of the business."

The moves come as part of a reshape where a number of professional managers have been drafted in to "take the business forwards."

However, in a brief trading update, moneysupermarket.com revealed that the business is feeling the effects of the credit crunch. The comparison site said that "Although the outlook is unclear we believe the strength of the Insurance and Travel verticals will continue to help compensate for the inevitable weakness of the Money vertical which is being impacted by the credit crunch."

Just last month Mr Nixon announced a 15 per cent drop in revenue from the money section of moneysupermarket.com for the third quarter of this year as demand for mortgages and savings accounts dwindled.

Speaking at the time, Mr Nixon said: "The third quarter was, as anticipated, a tough one. On top of the unprecedented banking crisis, which impacted both consumer demand and the supply of credit, we saw increased competitive pressure, particularly in insurance."

Commenting on the change in roles, Mr Nixon said: "My core skills are as an entrepreneur – creating and building start-ups and working in innovative product development.

"I have chosen a new role which will allow me to continue to use those skills while creating the space for Peter as new Chief Executive Officer, to grow moneysupermarket.com further."

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