Oct 2 (Reuters) - Freedom Insurance Group Ltd (FIG) : FREEDOM...

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.