CMC Markets suffered a fresh blow today when long-standing finance chief Euan Marshall quit to join trading rival IntegraFin.
Founder and CEO Lord (Peter) Cruddas has been under fire lately for his loyal support of ousted Prime Minister Boris Johnson, whom he feels was unfairly “stitched up”.
He wrote in The Telegraph last month: “What I am surprised by is the brazen nature with which they have dispensed with the man who had the only mandate to lead this Parliament. I am shocked by their shamelessness and utter disregard for British democracy.”
Today Marshall, paid £371,000 last year, said he was leaving.
He said: “I have thoroughly enjoyed working with the extremely talented people at CMC over the last 11 years, and particularly my last four years as CFO.
“The company has changed significantly during my time here, and through the recent investments in diversifying the business, there are strong foundations in place for the enduring success of the business.”
With Cruddas somewhat distracted by politics, some in the City may fear CMC lacks high-level leadership, though Marshall will remain in place for a while as a replacement is sought. Cruddas, a huge Tory party donor, said: “Euan has been a highly valued member of the CMC team, holding various positions since becoming a part of the group in 2011. Over the past four years, he has served as the CFO, playing a crucial role in the company’s transformative journey.
“On behalf of the board and colleagues throughout CMC, I would like to express our gratitude to Euan for his dedication and valuable contributions during his tenure. As he moves forward in his career, we extend our best wishes for his future endeavours.”
Like other trading houses, CMC enjoyed a Covid-lockdown boom.
The shares are down 43% in the last year as revenues fell. Today the shares rose 9p to 158p, which leaves the business valued at £442 million.
