Tullett’s COO to step down after 17 years

INTERDEALER broker Tullett Prebon abruptly announced that its long-serving chief operating officer Steph Duckworth was leaving yesterday.

Duckworth, who spent 17 years with the company after joining its predecessor entity Liberty in the 1990s, resigned yesterday, Tullett said, without specifying when he would go or who would succeed him.

A person familiar with his departure said the resignation was “completely amicable” and that Duckworth was leaving without another position lined up but would pursue other interests. “He is not leaving to go to a competitor,” they said.

No successor has yet been identified and Duckworth is still working at the company, the person added.

In a brief message, Tullett simply said “has resigned and intends to leave the company.”

Duckworth, 45, was promoted to chief operating officer in November 2008, after holding a series of executive positions including heading Tullett’s Europe, Middle East and Africa division and as chief operating officer of Tullett Prebon Energy.

“It probably does indicate that it hasn’t been the easiest of partings,” said Numis analyst James Hamilton, adding that it was impossible to know the reason for the resignation.

Tullett Prebon shares fell more than two per cent on the news.