Jardine Lloyd Thompson (JLT) said its chief executive, Steve McGill, has stepped down and it expected profit to decline this year after a turbulent second half.
The company reported that it expected profits before tax and exceptional items for the year ending 31 December 2004 to be in the region of £92m. That is 18.5% lower than £113.7m it reported last year.
News of a “difficult” second half has sent shares plunging 16%.
The London-based broker blamed falling profit margins on a “difficult” market.
Chairman Ken Carter will replace McGill as chief executive. He will retain the post for as long as two years, JLT said.
