LONDON (Alliance News) - Cenkos Securities PLC said Tuesday that Chief Executive Anthony Hotson will step down at the end of the month after just a little over a year in the role, but will remain an employee of the company until December 31.
Shares in Cenkos were trading 11% higher at 77.00 in morning trade.
The stock broker did not provide any specific reason for Hotson's departure but said a successor for Hotson will be announced shortly. Hotson, a former economist at the Bank of England, was appointed as chief executive in August last year.
"The board would like to thank Anthony for his hard work and the contribution that he has made in implementing significant enhancements to the company's internal structures to meet the company's current and future regulatory obligations (including the Senior Managers Regime). The company is now well placed in meeting these demands going forward and to improve our offering to our clients," Cenkos said.
Last month, Cenkos cut its interim dividend payment after recording a steep drop in first half earnings profit and revenue.
The firm's pretax profit dived to GBP464,000 from GBP4.6 million a year earlier. Revenue fell to GBP18.1 million from GBP29.2 million.
The company declared an interim dividend of 2.0 pence per share, less than half the 4.5p a year ago.