WEALTH manager Charles Stanley yesterday launched the hunt for a new chief executive after current boss Sir David Howard announced he would stand down after 26 years.
Charles Stanley, listed on the junior stock market, said the decision was made in light of new EU regulations, which ban fund executives from holding the role of both chairman and chief executive.
Howard, who became managing director 1988 and chairman in 1999, currently holds both roles. He will however retain his role as chair.
He follows in the footsteps of his father Sir Edward Howard, who was chairman until 1997.
Outside headhunters searching for a replacement. Charles Stanley booked a lower annual profit this year due to takeover and investment costs.