Shore Capital boss Howard Shore steps back from chief executive duties but will stay on as executive chairman

 
Rebecca Smith
Shore founded his company as an independent stockbroker in 1985
Shore founded his company as an independent stockbroker in 1985 (Source: Getty)

The founder and executive chairman of Shore Capital is relinquishing his chief executive duties at the broker and will be replaced two joint co-chief executives.

The company said today Howard Shore was "relinquishing his operational responsibilities", which will now be taken over by Simon Fine and David Kaye as joint chief executives. Fine is a former boss of Shore's capital markets business, while Kaye worked at its asset management arm.

Read more: Shore Cap's share price rises despite scrapping dividend

Shore will remain executive chairman of the group and will focus now on its international investment strategy, including developing new relationships, along with investment opportunities.

"Having led the group's growth and development for 32 years I am extremely excited by the favourable environment for our operating businesses and the compelling opportunities that lie before us. Simon and David have worked closely with me for many years and I am delighted that they have agreed to lead the Group's future development," Shore said.

"As we reported in today's results statement, our capital markets and asset management businesses are performing strongly and are well positioned for the future. This success is a testament to Simon and David's leadership and the excellent teams they have helped to assemble."

Read more: Morrisons chairman joins Shore Capital as senior adviser

Separately today, the company announced revenue for the year to the end of December rose 21 per cent to £39.4m with profit before tax and impairments of £5.1m, up from £4.3m the year before.

Revenue in the capital markets business was up 21 per cent to £28.3m, while asset management division recorded a revenue rise of 10 per cent to £10.4m.

Shore said of the results: "Despite the market uncertainty immediately pre-and-post the Brexit vote, and the period leading up to the US Presidential election, I am delighted by the performance of our capital markets business and the strong progress made in our asset management division."

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