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Patric Johnson is to step down as chief executive of Panmure Gordon once the takeover of the brokerage led by Bob Diamond, the former Barclays boss, becomes effective, the company said in a statement on Wednesday. The new owners intend to appoint Ian Axe, a former boss at LCH Clearnet (pictured), as chief executive.
The statement said he will step down “upon the scheme ( of arrangement) becoming effective”. The document detailing the scheme was sent to Panmure Gordon shareholders on Wednesday.
Mr Johnson had been promoted to chief executive in February 2016 after the abrupt departures of previous chairman and chief executive, Ed Warner and Phillip Wale.
Andrew Adcock, Panmure Gordon chairman, thanked Mr Johnson for his work, adding that “Patric took on the role of CEO at a singularly difficult time for the company”.
The takeover, which was announced in March, marks the return to the City of London for the former Barclays head, teaming up with a Qatari investment bank to acquire a stockbroker with a famous name that has fallen on hard times.
Mr Diamond has joined forces with QInvest, an investment bank in which members of Qatar’s ruling family are significant shareholders, to launch a bid valuing the Aim-listed broker at £15.5m — far less than the ex-Barclays boss was often paid in a single year at his old bank.