LONDON (Reuters) – Close Brothers (CBRO.L: Quote, Profile, Research, Stock Buzz), the British investment bank, is to announce the departure of Chief Executive Colin Keogh on Monday when it reports half-year results, the Sunday Telegraph said.
He will stay on during the search for a successor, according to the newspaper, which added that newly installed Finance Director Jonathan Howell was not interested in the job.
Keogh faced criticism from investors earlier this year after the collapse of a takeover approach for the group.
The CEO rebuffed a 1.5 billion pounds ($2.76 billion) takeover bid from Cenkos (CNKS.L: Quote, Profile, Research, Stock Buzz), the London stockbroker, that would have given investors an exit at 1,025 pence a share. He also rejected advances from a number of other parties, including Blackstone (BX.N: Quote, Profile, Research, Stock Buzz), the private-equity group.
Close Brothers’ share price fell 46 percent between mid-January and mid-March to 535p. The stock recovered briefly to 707p but on Friday closed at 640p.
Officials at the company were not immediately available to comment. (Reporting by Ben Hirschler; Editing by Paul Bolding)