TP ICAP says goodbye to another key architect behind the £1.3 billion merger Tullet and icap as Chairman, Rupert Robson announced his exit.
Mr. Robson, who oversaw the landmark merger with the Tullet icap Michael Spencer to create the world’s largest inter-dealer broker, said that he will retire in December after nearly 12 years on Board.
He added that the company, known for its celebrity-endorsed annual charity day, now was “about halfway” through its integration of the two businesses.
A successor has yet to be selected, with Board member Angela knight in the duty to find a replacement. The date of its release comes months after chief financial officer Andrew Baddeley announced his retirement.
“As the company develops its strategy for the period after the integration, the time has come for me to retire,” Mr. Robson advised investors. Shares sank on the news.
Shares of ICAP TP
Executive Director John Phizackerley told the Telegraph in December that, although most after the merger job cuts have been completed the company still needs to consolidate its it systems, moving employees into one office and to find Finance Chapter after the departure of Mr. Baddely.
He said the merger, which will be completed in December 2016, as a “spaghetti bowl” because it is extracting the voice of the brokerage business of ICAP. The rest of the business was a Group of NEX, which was subsequently sold to us giant CME at £3.9 billion to the Internet.