Long-serving Charles Stanley Group chief executive Sir David Howard is stepping back from day-to-day management owing to regulatory changes.
Sir David will stay on as non-executive chairman, however he decided to resign from the top management role because of the newly minted CRD IV directorship rules.
A successor is yet to be named, however Sir David will remain in charge until a handover can occur. Two of the board’s non-executive directors have started the hunt for a new chief executive alongside consultants.
Sir David was managing partner of the listed company’s predecessor, Charles Stanley & Co, from 1972 and has been chief executive of the incorporated firm since 1988. Since 1999 he has been chairman as well.
Charles Stanley issued a profit warning earlier this month owing to lower than expected commission payments.