New board chiefs at Plus Markets

PLUS Markets has beefed up its management with the appointment of two new executives.

Cyril Theret replaces Simon Brickles as chief executive, who becomes vice chairman, and Giles Vardey takes over from Stephen Hazell-Smith as non-executive chairman.

The move comes as the retail-focused stock exchange looks to offer more products and move into international capital markets.

“We need a management team to promote the business, I’m not sure that was evident before,” said Giles Vardey. “We are looking to broaden our range and need to build up our transaction technology.”

Plus Market’s share price has fallen 88 per cent since its peak in 2006 but chief financial officer Nemone Wynn-Evans says the company can turn its performance around.

“Others in the market are also down of late due to the difficult market conditions,” she said. “We have made a significant first step by making management changes.”

Brickles in his role as vice chairman will be responsible for developing new business in the Middle East.

He said: “It is right that as the company enters this exciting broader phase that it has a new chairman and chief executive and I offer them my full support.”