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New WH Ireland wealth boss lands with twin challenge and £460k stake

by Dylan Lobo on Nov 12, 2012 at 08:04

New WH Ireland wealth boss lands with twin challenge and £460k stake

New WH Ireland wealth head Richard Killingbeck has disclosed a 3.06% stake in the firm on his arrival and has been set a challenging twin target by the firm's chief Paul Compton.

Killingbeck (pictured) joined the firm on 18 September from Credit Suisse - where he was a managing director - to play a key role in Compton’s vision to transform the business.

Killingbeck’s interests are very much aligned to the performance of the firm after a stock exchange announcement this morning declaring his arrival revealed he owns 725,000 shares in the stock, accounting for 3.06% stake worth around £460,000 on Friday’s closing price of 63.5p.

WH Ireland has also granted Killingbeck options on a further £473,787 shares at a price of 0.77p, which can be exercised in the third year and ending in the tenth.

The options are conditional to WH Ireland increasing funds under management by 200% from the level they stood at on 30 November 2012 and a £5 million or more profit on the division over the same period.

‘I am pleased to welcome Richard to the WH Ireland board as head of private wealth management. Richard's recent share purchases and option hurdles underline his ambitions for the firm,’ Compton told the stockmarket.

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