City broker Panmure Gordon has announced the appointment of a new chief executive to coincide with its takeover.
Former Barclays executive Ian Axe will replace Patric Johnson when the acquisition completes.
The announcement comes shortly after former Barclays chief executive Bob Diamond and Qatari investment bank QInvest agreed a £15.5m takeover deal.
Axe previously worked as global head of equity finance and global head of operations for Barclays, as well as being chief operating office for the Europe, Middle East and Africa region. He is also a former group chief executive of LCH.Clearnet.
Johnson took over as chief executive of Panmure Gordon last year, stepping up from deputy to replace Phillip Wale.
Speaking to City A.M. earlier this month, he described 2016 as a “challenging and fun” period.
In a statement today, Panmure Gordon chairman Andrew Adcock said:
Patric took on the role of chief executive at a singularly difficult time for the company.
His broad understanding of and experience in the investment banking industry enabled him to provide a clear focus on returning the business to profitability and by applying determination, energy and enthusiasm achieved this result in a remarkably short period of time.