JP Morgan Cazenova reshuffles its top ranks
JP Morgan Cazenova, UK based stockbroker and investment bank has reorganised its top ranks today in preparation for a new chief executive in a few weeks.
The reshuffle will promote younger talent in place of old, experienced bankers. Moreover, it clarifies the lines of responsibility in the top ranks, ahead of Naguib Kheraj becoming the new chief executive. Mr Kheraj was the former finance director for Barclays.
The shake up will consist of Tim Wise, the head of financial institutions group and co-head of corporate finance, with Bob Mcguire, becoming vice chairman of the firm. They will be joined by former head of mergers and acquisitions, Mark Breuer. Young faces take over these roles. Barry Weir, 39, is to succeed Mr Breuer and Conor Hillery, 37, is to take over Mr Wise.
The co-head positions in charge of corporate finance will be eliminated, leaving Mr Kheraj commanding both the entire group and its investment bank business.
The changes today were implemented by David Mayhew, Cazenove,s chairman. However, it is expected that Mr Kheraj will make further changes when he comes in. By doing this he will reduce the number of direct reports (previously 17) to the chief executives office.
The reordering of the top jobs will also put more of Cazenoveís experienced bankers on its chairmanís committee following the departure of John Paynter, who is now a non-executive director of Standard Chartered, the international bank. Terry Eccles also left last year to join the Pearl Group.
This move will increase the bankís experience, presumably promote a fresher image and put Mr Kheraj in complete in control of JP Morgan Cazenova when he takes up his new post in a few weeks.