Mystery still surrounded the abrupt departure of broker WH Ireland’s chief executive Paul Compton yesterday as it gave an update on trading today.
Chairman Rupert Lowe who promoted recent newcomer Richard Killingbeck as acting chief executive after Compton walked out just before lunch yesterday was keeping mum on the reasons today. He merely said: “An increasing pipeline of corporate finance work and a reinvigorated strategy within the Private Wealth Management business, enable us to look to 2013 with cautious optimism.”
Compton hit the headlines when he crashed his £250,000 yacht off the Dorset coast within two weeks of buying it in 2006 forcing him and his girlfriend to jump overboard and wait to be rescued by the coastguard. He was appointed as chief executive of WH Ireland in July 2010 but did not receive approval from the FSA until January 2011.
Lowe led a group of investors including Lord Marlan and Carphone Warehouse founder David Ross in buying a large stake in WH Ireland four years ago. Compton held a 5% stake but is believed to have sold much of it yesterday. Today, shares which crashed 25% yesterday rose just a penny to 57p.
