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WH Ireland chief quits

Shares in WH Ireland (WHI) plunged by a third to 50p after chief executive Paul Compton resigned with immediate effect. As a result, Richard Killingbeck - currently head of private wealth management - will become acting chief executive with the assistance of chairman Rupert Lowe. Mr Killingbeck joined the company only last month.

IC VIEW

There was no accompanying explanation with the resignation, and Mr Compton's face even disappeared within hours from the company website. There is little more that is guaranteed to undermine investor confidence than an abrupt and unexplained departure from the board. The broking and wealth management group had been apparently performing well in the tough trading climate, but until there is clarity we are reversing our previous buy advice and would advice bailing out of the shares. Sell.

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By Jonas Crosland,
13 December 2012

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