Panmure Gordon & Co., a London- based stockbroker, said Phillip Wale will succeed Tim Linacre as chief executive officer.
Wale, 48, was previously CEO of competitor Seymour Pierce Ltd., Panmure said in a statement today. He will take over in the “summer,” at which point Linacre will become chairman of investment banking, the company said.
Panmure said in October Linacre would step down, disclosing at the same time that the company would post a loss for the second half. London’s stockbrokers were hurt by the European sovereign debt crisis as market volatility prompted investors to cut the number of shares they trade and deterred companies from making acquisitions.
Wale started his career at Goldman Sachs Group Inc., where became co-head of European equities, Panmure said. He also worked at Commerzbank AG and Collins Stewart before joining Seymour Pierce in 2010.
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