Royal & Sun Alliance fires CEO

Royal & Sun Alliance Insurance Group, Britain's second-largest home and motor insurer, has fired its chief executive, Bob Mendelsohn, after the company's shares slumped 69 per cent this year and earnings fell.

Bob Gunn will serve as CEO while the company seeks a replacement for Mendelsohn, 56. Gunn was chief operating officer.

Mendelsohn will get salary-based compensation of around £1.04 million ($3.4 million).