John Wall has retired as CEO of Marex Spectron, sparking a reshuffle of senior management and changes to the executive board.
Wall has been with the commodities broker since 2012. He joined with the aim of completing the merger between the Marex and Spectron groups.
He said: “I am very pleased to say that we have exceeded this goal thanks to the efforts of my colleagues and the active support of our owners. Marex Spectron is stable, profitable, prudently managed and strong: all significant achievements at a time when many of our competitors are struggling.”
Previously, Wall was global head of investment banking at UBS, and also held positions at O’Connor Securities and Swiss Bank Corporation, which later merged with UBS.
He will be succeeded by current chief financial officer (CFO) Ian Lowitt, while the CFO position will be filled by Rob Watts, currently group financial controller.
Wall said: “With the firm in excellent shape, I feel that now is the right time for me to step back. It has been a privilege to lead this great company and I have no doubt that [Lowitt] is the right person to take charge of the next stage of its development.”
Lowitt also joined the company in 2012. Before this he was COO at Barclays Wealth America, and he also spent 14 years at Lehman Brothers. He will relocate from New York to London to take over the role of CEO.
He said: “Marex Spectron has a terrific base to build on. We are financially strong with robust, trusted, client relationships and a well-deserved reputation, thanks to the tremendous efforts of our staff, for excellence in execution and service. We are well placed to capture the opportunities that will arise in the coming years and I am excited by our potential.”
The Marex Spectron board of directors is also changing. Jeremy Isaacs CBE is stepping down as non-executive chairman, but will remain on the board.
Simon Heale, will move from his current position as non-executive director to take over as non-executive chairman. He has sat on the board of Marex Group since 2007, and is also currently chairman of KAZ Minerals PLC and Gulf Marine Services plc.
Non-executive director Peter Sugarman is also stepping down, and will be replaced by Joanna Nader.
Isaacs, Sugarman and Nader are all officers of the JRJ Group, one of the majority shareholders of Marex Spectron alongside partners Trilantic Capital Partners and BXR Group.
Simon van den Born, global head of metals at Marex Spectron, also joins the board. He joined the firm in 2010, and has previously worked in the commodity index at Goldman Sachs.
Isaacs, said: “I would like to thank [Wall] for the outstanding job he has done in making the vision which JRJ Group and our partners had for a global centre of excellence in commodities broking a reality.”
“It has been a great honour to chair the board of this company as it emerged as the leader in its sector and I look forward to remaining closely involved as Marex Spectron builds on the solid foundations [Wall] and his team have laid.”
Referring to his retirement as chairman, and the appointment of his successor, he said: “[Heale] knows this business well, understands the challenges and opportunities before it, and has spent a long and successful career leading some of the most influential organisations in the commodities sector. He is undoubtedly the right person to preside over the board as Ian Lowitt takes the company forward.”
All appointments are subject to regulatory approval, and effective as of 8 January.
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