5th Nov 2018 08:55
LONDON (Alliance News) - Cenkos Securities PLC said Monday former chief executive officer Jim Durkin will return to the company to take up his old job from current CEO Anthony Hotson, as Chairman Gerry Aherne announced he is retiring from the board with immediate effect.
Durkin resigned from his position in July 2017, having been CEO since December 2011.
Cenkos said Hotson will remain CEO while regulatory approval is sought for the appointment of Durkin.
Jeff Hewitt, a non-executive director, has been appointed acting chairman as the stock broker commences a search to replace Aherne.
Hewitt said: "We welcome Jim back to the company and have every confidence in Jim in leading the company going forward. Jim is well placed to undertake the role having previously been on the board and has been actively involved in the successful management of the company."
Durkin owns 9.0% of Cenkos' issued share capital.
Shares in Cenkos Securities were up 1.8% Monday morning at 70.75 pence each.
In October, the stockbroker said Hotson would step down from his role but did not provide any specific reason for his departure. A former economist at the Bank of England, Hotson was appointed as chief executive in August last year.
In September, Cenkos cut its interim dividend payment after recording a steep drop in half-year profit and revenue.
The firm's pretax profit dived to GBP464,000 in the six months to June 30 from GBP4.6 million a year earlier. Revenue fell to GBP18.1 million from GBP29.2 million.
The company declared an interim dividend of 2.0 pence per share, less than half the 4.5p a year ago.
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