16th Sep 2013 07:55
LONDON (Alliance News) - UBM PLC said Monday that Chief Executive Officer David Levin had given notice of his intention to step down by July 31, 2014.
The company said it was beginning the search for Levin's successor, which would be led by Chairman Helen Alexander. Levin will remain as chief executive officer during the transition.
Following the announcement Liberum Capital Markets reiterated its Buy rating at 890 pence fair value for UBM, saying that although Levin's departure was somewhat unexpected, he has done a good job of transforming UBM into a more attractive business. Liberum added that it would likely make UBM more vulnerable to a takeover.
UBM is an events-led marketing and communications company, owner of PR Newswire. Its shares were trading down 1.3% at 736.50 pence shortly after market open Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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