Man Group's chief executive to step down

Tue, Dec 11, 2012, 00:00

Man Group, the world’s second-largest hedge fund manager by assets, is poised to announce the resignation of its chief executive, Peter Clarke.

Mr Clarke will be succeeded by Emmanuel “Manny” Roman, the company’s president and chief operating officer. A person familiar with the plans said the change was likely to happen in February, when Man will announce its full-year results for 2012.

Mr Clarke has been under pressure to step down for months after a disastrous year for the company which has seen its share price slide more than 40 per cent.

He had earlier tried to persuade the board, chaired by Jon Aisbitt, to allow him to stay on until the end of 2013.

Shareholders told Mr Aisbitt that Mr Clarke should go sooner, however. – (Copyright The Financial Times Limited 2012)