Does Matheson's exit pave way for Brewin Dolphin bid?

News that Jamie Matheson stepped down as Brewin Dolphin chief executive in a boardroom overhaul came as something of a surprise.

Matheson (pictured), who has been in the role for eight years, moved aside as the private client stockbroker split the chairman and CEO roles, with David Nicol named as chief and Simon Miller chairman.

There were several top brass changes, resulting in the boardroom downsizing from 12 to nine members, while the number of executive directors will fall from seven to four.  

In other big moves Stephen Ford was appointed executive director, with responsibility for investment management, while chief operating officer Henry Algeo is stepping down from the board, along with Barry Howard, Ben Speke and Sarah Soar. 

Elsewhere Jock Worsley will chair the audit committee on an interim business and assumes the role of senior independent director.

In a statement to the Stock Exchange, Brewin said the transformation means it will become 'fully compliant with the UK Corporate Governance Code.'

The market gave the restructure the thumbs up, with shares rising 9.2p, or 4.7% by 1.12pm to stand at 204.3p, around 18p below their 12-month high of 222.4p.

Matheson has played a key role in making Brewins 'fitter' since he launched a strategic review in 2011.

Shore Capital analyst Owen Jones believes the removal of Matheson could pave the way for a rival to launch a takeover bid for the firm.  

Jones said in a note to clients: 'The news of Mr Matheson’s departure does not come as a surprise, to our minds. It does, however, open up the possibility of the group being subject to a takeover bid, in our view, with the exit of longstanding management now complete – the previous finance director Robin Bayford left at the end of December 2012.'