Executive director leaves Manchester broker

Manchester-based broker CBG Group has confirmed that executive director of insurance broking operations, Stephen Darcy, has left the company.

In a statement, CBG said: "The company announces that Stephen Darcy's day-to-day responsibilities have been taken over by Mike Askew, the company's group managing director, with immediate effect. A further announcement will be made in due course."

A spokesman for CBG said the AIM listed broker was "unable to comment further for legal reasons".

As of 29 April 2010, Darcy had a 4.33% stake in the company, owning 688,185 CBG shares.

He was also managing director of CBG Insurance Brokers.

He joined the board in 2006 after selling his company Swinburne James to CBG.