Ex-Gallagher International CEO named to oversee Towergate restructuring

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.