Charles Stanley CEO Howard to step down after 40 years

Charles Stanley chief executive Sir David Howard is to step down following new EU rules demanding firms separate the roles of CEO and chairman.

Howard has been in charge of the company for over 40 years: MD of the business since 1972, CEO since 1988 and chairman since 1999, he will continue as non-executive chairman, the company said this morning in a statement. But the European Union's Capital Requirements Directive (CRD IV), which came into effect on 1 January, has prompted Howard to relinquish his role as chief executive. "The group's nomination committee, comprising its two independent non-executive directors, has been tasked with the process of identifying Sir David's successor as chief executive," Charles Stanley said. ...