LONDON (Alliance News) - STM Group PLC, a London-listed financial services company, on Tuesday said Chief Executive Colin Porter has tended his resignation so that he can purse a new opportunity in a "non-competing industry" in the US.
Porter, who will serve his 12-month notice period to help with a handover to his successor, will be replaced by Alan Kentish, director of product and business development, on an interim basis on April 1. Kentish had been chief financial officer when the business floated in 2007.
"Colin, along with the rest of the board, have been instrumental in developing STM into a profitable and robust business, with a core focus on the mainstream revenue streams of international pensions administration and life portfolio bond wrappers," Chairman Mike Riddell said. "The market potential in these product areas is considerable which gives us confidence in our expectation of being able to deliver growth in profitable, highly visible annuity revenue streams going forward."
In addition, STM said it traded broadly in line with market expectations for 2015 with profit before tax of GBP2.7 million, versus GBP1.7 million the prior year.
STM will announce its final results for 2015 on March 1.
Shares in STM were down 16% at 55.00 pence early Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Stm Grp. (STM)