Two Executives Exit Pepperstone UK as CHAMP Completes Departure

Pepperstone Limited, the UK brokerage subsidiary of Pepperstone Group, announced via a regulatory filing on the final day of 2018 that John Haddock and Barry Zuckerman are two executives who no longer have significant control within the company.

According to documents held by UK’s Companies House, Haddock and Zuckerman both had the authority to appoint and remove directors at the subsidiary and had “significant influence or control.”

However, as of November 28, 2018, this authority was brought to an end. Before this, both executives held more than 25 percent of shares in the company. However, this did not exceed 50 percent. They also held more than 25 percent of voting rights each (again, not surpassing more than 50 percent).

Haddock and Zuckerman are both employees of CHAMP Private Equity, a private equity manager in Australia and a previous investor in the online investment platform, Pepperstone. Specifically, Haddock is the Chief Executive Officer of CHAMP and Zuckerman is the Finance Director.

CHAMP Exits Pepperstone

When Finance Magnates reached out to the Australian-headquartered broker for comment, we were directed to the press release on September 12, 2018, where CHAMP IV Funds announced it was exiting its investment in Pepperstone.

Because of this, it appears that the cessation of both executives from its UK subsidiary is part of the completion of CHAMP’s exit from Pepperstone.

According to two filings through Companies House on December 31, 2018, the same day that Haddock and Zuckerman’s authority was terminated, the CEO of Pepperstone, Tamas Szabo and the Chairman of the broker Fiona Lock were appointed as people of significant control at Pepperstone Limited.

Specifically, Lock has the right to appoint or remove a majority of the board of directors of the company and holds 75 percent of the voting rights in the company, directly or indirectly. Szabo, on the other hand, holds more than 25 percent (but not more than 50 percent) of the shares in the company. He also “has the right to exercise, or actually exercises, significant influence or control over the company,” the filing states.