Close Brothers appoints Mike Morgan as finance director

Merchant bank Close Brothers has appointed Mike Morgan as its group finance director, succeeding Jonathan Howell.

Morgan has been chief financial officer of Close Brothers' banking division and a director of the company's banking subsidiary since November 2010. He is also a member of both the group and banking executive committees and will retain these responsibilities as part of his new role, which is due to become effective after the annual general meeting in November.

Prior to joining Close Bros, Morgan held a number of roles at Scottish Provident and RBS, most recently as FD of the wealth management division of RBS.

Chief executive Preben Prebensen said: "I am delighted to be welcoming Mike to the board and to the role of group finance director.

"During his eight years with the group, Mike has provided very effective leadership of the banking finance, IT and operations teams, with an excellent track record of delivery. He brings deep knowledge of the group and its markets, and his appointment ensures strong continuity in the group's leadership team.

"I look forward to working closely with Mike to continue building on the group's successful business model for future years."

At 1225 BST, the shares were down 0.7% to 1,467p.