UBM CHIEF executive David Levin will complete his departure from the events and information group on 1 March when he takes over as chief executive of McGraw-Hill Education in New York.
Following his departure, UBM chairman Dame Helen Alexander will become executive chairman until a new chief executive is chosen.
“We are making very good progress in the search for David’s successor and will ensure there is an orderly transition. UBM has a strong and experienced senior management team, and it is very much business as usual,” said Alexander on the appointment.
Levin has been chief executive at UBM for nine years, having previously worked as chief executive of Symbian, which built the first smartphone operating system, and chief executive of Psion, a manufacturer of mobile handheld computers.
“We think this suggests a new CEO appointment is probably close, and this should be a positive catalyst for the shares,” said broker Liberum Capital on the news.
UBM also appointed John McConnell to its board of directors as a non executive director who will join UBM’s nomination committee and become chair of UBM’s audit committee, succeeding Jon Newcomb in the role.
UBM’s FTSE 250-listed shares rose 3.6 per cent yesterday to close at 708p a share.