Aldermore Group chairman Glyn Jones steps down from Direct Line board

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Aldermore Group chairman Glyn Jones is stepping down from the board of Direct Line, after the challenger bank's IPO last week. 

Jones, who is currently a senior independent director at the insurance group, is also chairman of Aspen Insurance Holdings, which is listed in New York. 
 
As he is now chairman of two listed companies, he will not seek re-election at Direct Line's annual general meeting (AGM) on 13 May. 
 
Jones had been on Direct Line's board since 2012. 
 
Andrew Palmer, an independent non-executive director and chairman of Direct Line's audit committee, will take on the role. A search for his replacement is underway, though he will continue to head the audit committee. 
 
Aldermore went public last Tuesday, pricing shares at 192p each, giving it a market cap of £651m.
 
The challenger bank, which had delayed its IPO from last autumn, has had a strong start to trading, with its share price up to 235p at pixel time today.