Panmure Gordon CEO resigns after difficult year

Panmure Gordon's CEO Philip Wale has resigned after a difficult year for the company that has seen its share price drop by over 60%; he has been replaced by the bank's deputy Patric Johnson. The bank has also secured a loan of £5m from its largest shareholder, Qatari Investment Group, QInvest, that it hopes will dis-spell rumours that the bank had been sold, and denies the cash injection is a bailout. Panmure Gordon also warned that the challenging environment will continue to put pressure on the business.

Panmure Gordon replaces CEO after “tricky” year that saw the share price lose 60 per cent in six months

Panmure Gordon has replaced its chief executive Phillip Wale with deputy Patric Johnson after a tumultuous year that’s seen the bank’s share price drop by over 60 per cent.

The mid-cap specialist investment bank and broker has also secured a £5m loan from its largest shareholder, Qatari investment group QInvest, that it hopes will put to bed rumours that the company is to be sold, though denies the cash injection is a bailout.

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Panmure has warned the challenging market conditions that pushed it into a loss last year are still putting pressure on the business.

“You can’t blame a poor market on the management however. The market last year was tricky, but you only have to look at what our competitors did in the same environment to see we were performing badly,” Johnson told City A.M.

Johnson intends to focus the firm on its specialist mid-cap area, and increasing new business through marketing.

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Wale’s departure follows the exit of chairman Ed Warner, who resigned earlier this month.

Johnson was named deputy chief executive in October last year after two years as head of securities.