Directorate Change

RNS Number : 8597T

Cenkos Securities PLC

13 December 2011

 



13 December 2011

Cenkos Securities plc ("the Company")

Board Changes

The Company had previously announced that Chief Executive Officer, Simon Melling had informed the Board of his decision to leave the business in order to pursue other interests.  Since then an executive search programme has been undertaken alongside a review of the Company's executive structure. Following this executive search and the review of the Company's executive structure the Board is pleased to announce that, (subject to FSA approval), Jim Durkin, a senior employee of the Company, is to be appointed to the Board and to the position of Chief Executive Officer with immediate effect. Simon Melling will step down from the position of Chief Executive Officer immediately and will leave the Company on 31 December 2011.

The Company is committed to maintaining a strong and effective Board working in the interest of shareholders. It is envisaged that further Executive and Non-Executive Board appointments will be made in the new-year.

Mr Durkin has more than 25 years' experience in the UK securities industry.  During this time he has originated and executed corporate finance transactions across a range of industries including insurance, property, financials and utilities. Mr Durkin  joined the Company as head of corporate broking in March 2005. He was subsequently appointed as an executive director of the Company in October 2006. Jim relinquished his position as an executive director in November 2009 to concentrate on his corporate broking role within the Company.

Peter Sullivan, Chairman said:

"The Board would like to thank Simon for all his hard work and the contribution that he has made to the development of Cenkos over the past five years since the Company's IPO and he leaves with our best wishes.

"I have every confidence in Jim in leading the Company going forward as the Company's new Chief Executive Officer.  Jim is exceptionally well placed to undertake the role having previously been on the Board and has been actively involved in the successful management of the Company."

AIM Rules disclosure under Schedule 2(g) of the AIM Rules

James John Durkin, (known as Jim Durkin) aged 51, holds 5,675,000 ordinary shares of 1p each in the Company representing 7.80% of the issued share capital of the Company. Jim has also been a director of the Company within the past five years.

There is no further information that is required to be disclosed with regards to the appointment of Jim Durkin pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Enquiries:

Peter Sullivan                                          020 7397 8900

Chairman         

Cenkos Securities plc

Jim Durkin                                              020 7397 8900

Chief Executive Officer

Cenkos Securities plc

David Rydell/Duncan Mayall                   020 7861 3232

Pelham Bell Pottinger                           

Nic Hellyer

HSBC Bank plc (Nominated Adviser)      020 7991 8888

 

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