CLSA names U.S. head Gould as CEO to replace Slone who quit in March
HONG KONG, April 23 (Reuters) - Asia-focused broker CLSA has
appointed Rick Gould as chief executive, replacing company
veteran Jonathan Slone who resigned in March amid differences
over strategy with the broker's state-backed Chinese parent
CITIC Securities (CITIC).
Gould, currently chief executive of CLSA Americas, will take
on his new role with immediate effect, the company said in a
statement on Tuesday.
"[Gould's] experience in building high-performing teams and
in growing international businesses will be critical to
accelerate our strategy to build a leading Chinese global
investment bank," said CLSA Chairman Youjun Zhang in the
Slone's departure last month came just two weeks after CLSA
Chairman Tang Zhenyi resigned from the broker, which was bought
by state-backed CITIC in 2013, and was replaced by Zhang, also
chairman of CITIC.
An agreement between CITIC and CLSA over the broker's
management, put in place after the 2013 takeover, ended last
summer, after which the state-owned company has increased its
involvement with CLSA's operations, according to sources.
The resignations resulted from CITIC's efforts to revamp
CLSA's daily operations, one person with direct knowledge of
matter told Reuters in March, while another cited differences
Other resignations of long-time staff followed, including
chief operating officer Nigel Beattie, Xen Gladstone, who ran
sales and trading, and Edmund Bradley, head of research.
CLSA had been widely seen as CITIC's international arm with
a mandate to wrest market share helped by its parent's roster of
Chinese bluechip clients bent on expansion.
The brokerage has pushed aggressively into investment
banking as profit margins in its equity broking and research
strongholds were squeezed by competition and regulatory change.
It dropped CITIC from its name and halved U.S. headcount in
It has also focused on broader Chinese initiatives, notably
the multi-billion-dollar Belt and Road project designed to
improve Beijing's trade reach and help fund infrastructure in
over 60 countries.
CLSA also announced other appointments on Tuesday including
Andrew Hartley as group head of equity sales trading and
execution, and Shaun Cochran as group head of research.
"The individuals’ collective, decades-long track record at
the firm will ensure continuity of operations and culture," said
(Reporting by Alun John; Editing by Muralikumar Anantharaman)
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.