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David Ross has been appointed CEO of Sierra Investment Holdings Ltd., the portfolio company set up by private investment firm Highbridge Principal Strategies to invest in London-based brokerage consolidator Towergate Group P.L.C., Highbridge announced Tuesday.
Mr. Ross previously was CEO of Arthur J. Gallagher International, the London-based division of Arthur J. Gallagher & Co. He will be based in London.
Highbridge announced on Feb. 6 that it was leading an investor group that would acquire Towergate, which is undergoing a rescue and restructuring plan.
The deal is expected to close by the end of March.
Itasca, Ill.-based Arthur J. Gallagher announced Mr. Ross' resignation Monday.
It said in a statement that Tom Gallagher, currently chairman of Arthur J. Gallagher International, would take on the role of interim CEO.
The brokerage added that a recruitment process to find a permanent CEO already was under way.
London-based brokerage consolidator Towergate Partnership Ltd. on Wednesday said it had received approaches from parties interested in acquiring the group and is assessing those offers.