From big hitters to big quitters: Three FTSE resignations surprise the City
A trio of City big-hitters shocked the Square Mile this morning after revealing plans to resign from their companies.
Tesco boss Dave Lewis, Standard Life Aberdeen fund veteran Martin Gilbert and Metro Bank chairman Vernon Hill all said today that they will be leaving their posts.
The triple-whammy of surprise announcements was met with mixed reaction from the City; Standard Life Aberdeen’s share price edged down two per cent while Metro Bank and Tesco climbed seven per cent and one per cent respectively.
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Dave Lewis
Tesco boss Dave Lewis is leaving the group next year after a five-year turnaround plan at Britain’s biggest grocery chain.
Citing personal reasons, the cost-cutting boss is set to be replaced by Ken Murphy, the chief commercial officer at Walgreens Boots Alliance. Analysts at Shore Capital described Lewis in its note this morning as “the bloke that saved Tesco”.
Read more: Tesco CEO Dave Lewis quits
Martin Gilbert
Speculation of Martin Gilbert’s departure has been mounting for some time. The fund management titan will not be seeking re-election as vice-chainman of Standard Life Aberdeen, having stepped back as co-chief executive earlier this year.
Gilbert’s departure comes less than two years after he oversaw an £11bn merger between Aberdeen Asset Management and Standard Life Investments that created one of Europe’s largest ever fund managers.
Vernon Hill
The colourful and controversial chairman of Metro Bank is departing the under-fire lender after a troubled six months. While Hill had already announced he would be stepping down as chairman, today the bank revealed he will also be quitting his roles as a non-executive director and president too.
The dog-mad American, who is set to depart at the end of this year, has faced criticism following a turbulent period for Metro Bank, which has seen its share price plunged 90 per cent after the discovery of a major accountancy error.