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(Alliance News) - Merchant bank Close Brothers Group PLC on Monday said Adrian Sainsbury will be promoted to chief executive on September 21, succeeding Preben Prebensen who will step down on the same date.
Sainsbury has been managing director of the FTSE 250-listed company's Banking division and a member of the group executive committee since November 2016. He joined Close Brothers in 2013 as chief executive of the Commercial division and became a director of the company's banking subsidiary in August 2013.
Prior to joining Close Brothers, Sainsbury held executive roles at Barclays PLC, Royal Bank of Scotland Group PLC, and Bank of Ireland Group PLC. He also was chief executive of Australia & New Zealand Banking Group Ltd in Europe.
"I am delighted to announce the appointment of Adrian Sainsbury as chief executive. His deep knowledge and experience, strong leadership and exceptional commercial expertise make him ideally placed to lead the group through the next stage of its development. The board would like to thank Preben Prebensen for his outstanding leadership and very significant contribution over the last 11 years. He has overseen the transformation of the group over this period and leaves it in an excellent position operationally and financially and with a strong executive team," said Close Brothers Chair Mike Biggs.
Close Brothers shares were down 2.0% at 1,070.00 pence in London on Monday. They are 33% lower than at the start of the year.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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