CITY stockbroker Arden Partners is having a management shake-up that will see Jonathan Keeling step down as chief executive.
He will move to the position of deputy chairman, focusing on the group’s Indian operations, .which account for 50 per cent of the group-’s operations.
“The Indian operations need somebody running and developing them full-time,” Keeling explained yesterday. Arden has been bringing a growing number of Indian companies onto the London stock market recently.
Keeling says he will spend up to 10 weeks a year in India.
He will be replaced as chief executive by Jeremy Grime, subject to regulatory clearance. Grime, while at Altium, floated Arden on the stock market in 2006. He will assume the new role sometime before the end of the year.
Arden has also recruited Howard Flight, the former Conservative deputy chairman, to its board as its senior independent director.
The management changes accompanied a 41 per cent increase in interim revenues to £6.5m to produce a loss before tax of £200,000 compared to £300,000 a year previously. There is no interim dividend.
Arden has been busy recruiting during the downturn and its staff numbers are now at 61 compared to 50 a year ago.