Chairman will also step down as board level succession plan unveiled
Vic Thompson, THB Group chief executive, is to retire next year, the broking group announced today.
Thompson, who founded the group Lloyd's broker Thompson Heath & Bond in 1968 and led the group through its AIM floatation in 2002, will be succeeded by Frank Murphy in April 2009.
Murphy is currently chief executive officer of Thompson Heath & Bond.
Non-executive chairman, Clive Williams, will retire on 31 January 2009, to be succeeded by the company's senior non-executive director, Nigel Moorhouse. In order to maintain a balanced board the company will appoint an additional non-executive director in due course, it said.
Frank Murphy said: "This is a new era for THB. The new management team has already received a strong vote of confidence in the form of a significant cash injection of £7.5m which enables us to move forward positively, putting to best use the experience gained over the last 40 years. In a turbulent market, THB is well placed to select the best opportunities to further its growth plans and I am looking forward to leading THB through its next exciting phase of growth."
He added: "THB's standing and integrity in the market today owe a great deal to Vic. He will leave the firm in a strong position to capitalise on the heritage he has created."
Moorhouse, commented: "We are all extremely grateful to Vic for building THB into a successful and well regarded business and to Clive Williams who has made an excellent contribution as chairman since he accepted the role in 2005. I have every confidence that Frank Murphy and his team will build on this legacy."
