LSE listed London Capital Group has announced that CEO Mark Slade is resigning from the firm due to personal reasons. The resignation is effective immediately, although he will continue to be affiliated as a ‘strategic advisor’ for the rest of the year during the transition period. Replacing Mark Slade, the LCG’s Board announced that Kevin Ashby, was named the company’s new CEO. Ashby previously held the role of Chief Commercial Officer, after arriving to the company in May. Ashby’s previous experience includes serving as Chairman and Chief Executive at Saxo Capital Markets and CEO of Patsystems, as well as presently also being the Chairman of Rising Sum.
Slade’s hold on the top spot of LCG was a short one as he was appointed CEO in January of this year. During that time, the company became a takeover target, but after being approached by three suitors, LCG was left with no final deal. At the time, the company had stated that it was ready to go at it alone with Slade’s leadership. However, due to the simultaneous M&A talk with Slade’s arrival as CEO, he may have been tasked with evaluating a sale. Also, Slade’s resignation occurs a short while after LCG announced improving first half figures for 2013.
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Giles Vardey, Chairman of LCG, commented on the news “the Board is sorry that Mark has made this personal choice but we all respect the reason for his decision. All members of the board wish him well and we are pleased that we have been able to promote Kevin Ashby to CEO. Kevin has a great deal of experience in our sector and has been a CEO in the past. His strategic vision and skills will continue to drive the improvements we are already making in the business. Kevin will also lead a strengthened management team with a new COO in John Jones.”
On the news, shares are lowere by 4% to 39.50p