Fairpoint CEO Chris Moat steps down

(ShareCast News) - Fairpoint Group's chief executive officer Chris Moat will step down from the board by mutual agreement with immediate effect.Moat will provide continuing assistance on the closure of the group's debt management plan business, which is due to complete in the first quarter of next year.Current non-executive chairman David Harrel will assume the role of executive chairman for the interim period alongside chief financial officer David Broadbent, who will take on a broader range of responsibilities.The search for a new chief executive to lead the business has begun and a further update will be provided in due course.Shore Capital said: "While disappointing news, the departure of Mr Moat should not come as a surprise to investors, following a series of profit warnings and a sharp fall in the share price." Frp Advisory Group