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finnCap Group PLC on Tuesday named John Farrugia as its new chief executive, while current head Sam Smith announced her plan to step down with effect on September 1.
Shares in the London-based stockbroker were down 5.9% to 20.00 each in London on Tuesday morning.
Although Smith steps down at the start of September, she will remain with the company in an advisory role.
Back in 1998, Smith established corporate finance firm JM Finn & Co Ltd In 2007, she led a management buyout of the company, establishing finnCap.
Further, in 2018, Smith managed finnCap's initial public offering and acquisition of Cavendish Corporate Finance LLP.
The stockbroker said that this enabled finnCap ‘to pursue a strategy of revenue diversification’. In May, it made its first move outside of financial services with its acquisition of a 50% stake in Energise Ltd, an ‘environmental, social and governance related sustainability consultancy’, the stockbroker added.
Farrugia is currently managing partner of finnCap Cavendish, and had joined the company's executive committee back in November 2020.
Founding shareholder Geoff Nash will also be appointed as a director of the group.
Chair Robert Lister said: ‘Our thanks go to Sam for her leadership and guidance for finnCap over the past 24 years; we now look to the future and to working with her in an advisory capacity.’
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