3rd Jun 2014 17:01
LONDON (Alliance News) - Tullett Prebon PLC Tuesday confirmed that it is currently in advanced talks to appoint a successor to Chief Executive Terry Smith, and said that Smith will stand down from the company once a successor has been appointed.
The Financial Times reported Monday that former Nomura and Lehman Brothers executive John Phizackerley has emerging as the leading contender to succeed him.
Citing two people familiar with the situation, the FT said the nine month search, conducted by headhunters Spencer Stuart, is partially due to regulators requiring financial services companies to improve their succession plans.
In a short statement after the market close Tuesday, Tullett Prebon said that it will make further announcements when appropriate.
Shares in the financial services business closed 4.8% higher at 304.00 pence Tuesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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