LONDON (Reuters) - British stockbroker Panmure Gordon PMR.L, subject of a 15.5 million pound bid by a group headed by former Barclays (BARC.L) boss Bob Diamond, said on Wednesday that its chief executive would step down when the deal completes.
Patric Johnson, who will leave the company after just over a year at the helm, is to be replaced by one of Diamond’s old colleagues at Barclays, Ian Axe, the company said in a statement.
Axe, previously chief executive at LCH.Clearnet, held several positions at Barclays, including head of global operations.
The agreed bid for one of the City’s oldest stockbroking firms by Diamond’s investment company, Atlas Merchant Capital, and Qatari investment group QInvest is due to complete around June 20.
Panmure, which has weathered a tough period for the industry as regulatory costs rise and stock market listings sag, swung to a profit in 2016 and said first-quarter trading was in line with expectations.
Reporting by Simon Jessop, Editing by Anjuli Davies