(Sharecast News) - Manx Financial Group updated the market on the leadership of its wholly-owned Conister Bank subsidiary on Thursday, after David Gibson retired as the bank's chairman at the end of its annual general meeting on Wednesday.
The AIM-traded firm said Gibson was being succeeded as chairman of Conister Bank by existing independent non-executive director John Spellman.
"Following his appointment in 2009 during a period of material change, David helped guide the group both in the way in which the group and board are managed, and also in the implementation of significant compliance, operational and structural changes," the board said in its statement.
"He will be succeeded as chairman of Conister Bank by existing independent non-executive director John Spellman, who brings considerable experience of active engagement in the financial services sector, including acting as the strategic advisor to the Isle of Man government, specialising in finance and foreign direct investment, for over 11 years."
At 1208 BST, shares in Manx Financial Group were up 1.7% at 8.39p.
Reporting by Josh White at Sharecast.com.
Manx Financial (MFX)