GMP Capital Inc., Canada’s second-worst performing financial services stock this year, said Chief Executive Officer Kevin Sullivan will step down on Oct. 1 and be replaced by President Harris Fricker.
Sullivan will become deputy chairman, Toronto-based GMP said today in a statement. Sullivan will remain a board member and a “significant shareholder,” the company said.
Sullivan has been with the investment bank and brokerage since 1995 and co-founded the sales and trading operations at its GMP Securities unit, according to the website.
Fricker joined GMP in 2002 and was named president in May 2009, GMP said. The move was reported late yesterday by the Globe and Mail newspaper.
GMP shares rose 14 cents, or 1.5 percent, to C$9.65 in trading yesterday on the Toronto Stock Exchange. The stock has fallen 24 percent this year.