WH Ireland has named Richard Killingbeck chief executive officer following the surprise departure of Paul Compton in December.
Killingbeck joined the stockbroker from Credit Suisse, and worked as head of private wealth management.
His appointment was a key part of Compton’s plans to grow the business from its traditional stockbroking roots into a more diversified wealth management firm. This included the purchase of the client book of now defunct Pritchard Stockbrokers, which also saw WH Ireland open a raft of regional offices.
Compton left the business with immediate effect in December, and reports suggested there was a row over his personal share dealing.
The head of the Cardiff office was also suspended and the news sparked a plunge in the firm’s value, with shares falling from 72.5p to close at 56p, a loss of 25%.
A trading update issued shortly after the departure offered little insight as to why Compton quit, although the firm was keen to emphasise that in year to 30 November 2012 group revenue increased to £25 million, resulting in a significant improvement in the underlying trading performance.
Chairman Rupert Lowe said: ‘I am delighted that, following FSA approval, Richard Killingbeck has agreed to assume the role of chief executive officer. Richard brings significant financial sector experience to the company gained over the past 25 years and this experience will help WH Ireland as it continues to expand the business in the years ahead.’