Intermediate Capital appoints Kevin Parry as new chairman

Intermediate Capital’s current senior independent director Kevin Parry will succeed Justin Dowley as chairman when he retires from the board on 21 July after six years in the role.

Meanwhile, Peter Gibbs will replace Parry as senior independent director, and a search is underway for a new non-executive director who will act as chairman of the Audit Committee

The specialist asset manager said that after benchmarking external candidates, it concluded that Parry’s extensive industry experience and deep knowledge of the company and its operations made him the most appropriate candidate to be appointed chairman.

Parry is a non-executive director of Standard Life and Daily Mail and General Trust and chairman of the Homes and Communities Agency. He is a former chief financial officer of Schroders and was a managing partner at KPMG.

Dowley said Parry “has a wealth of significant industry experience and detailed knowledge of the company's sector and business, which will contribute greatly to the future and continued success of the ICG group”.

At 1015 GMT, shares in Intermediate down 2.7% to 524.50p.