As reported last week, the board has made redundant locally based chief executive Mike Hall and chief financial officer Donal Duff in a ‘repositioning’ of key executive roles closer to the company’s UK market.
In addition, former chairman Martin Bralsford has resigned from the board and director Simon Perrée, who has served a three-year term, is not seeking re-election. However, directors Clive Jones – formerly chairman of the Jersey Financial Services Commission – and Jersey Electricity finance director Martin Magee continue on the board.
A spokesman for the company said the offices in Minden Place and Hill Street would remain open, with eight staff employed in HR, finance functions and investment client relationship management, plus three further employees in Guernsey, nevertheless, in the stock exchange announcement issued last week, the board states that it is ‘reconsidering the benefits of offshore status for the group as a whole’.
