WH Ireland’s chief executive departs
WH IRELAND’s chief executive Paul Compton has left the company “with immediate effect” on the eve of a positive trading statement.
In a brief stock market announcement the Manchester stockbroker said he will be replaced temporarily by head of private wealth management Richard Killingbeck.
He will be assisted by chairman Rupert Lowe.
Mr Compton’s departure came as the company issued a trading update for the year to November 30 in which it said revenue was up to £25m, resulting in “a significant improvement in the underlying trading performance”.
It added that it had strengthened its balance sheet with an improved net cash position at the year end compared to the prior year. Both the corporate broking business and private wealth management arm – which has £1.6bn under management – performed well.
Mr Compton joined the firm two years ago Toscafund Asset Management in London, replacing Richard Ford. At that time the company had posted a pre-tax loss of £518,000 and suspended its dividend. News of his departure yesterday sent shares down 25% from 72p to 54p.
In today’s trading statement Rupert Lowe said: “The group has made good progress in 2012. While underlying markets remain challenging, momentum with corporate client wins, an increasing pipeline of corporate finance work and a reinvigorated strategy within the Private Wealth Management business, enable us to look to 2013 with cautious optimism.”
