LONDON (ShareCast) - Investment bank Close Brothers said Rod Kent will step down as chairman and leave the board with immediate effect in order to concentrate on his 'increased responsibilities' at buy-to-let mortgage specialist Bradford & Bingley.
Kent will be succeeded as chairman by Strone Macpherson who is currently deputy chairman.
The news comes after Bradford & Bingley announced this morning that Kent has taken over executive control of the bank after chief executive Steve Crawshaw resigned with immediate effect because of a heart condition.
Bradford & Bingley also unveiled a cash injection of £179m from US private equity group TPG alongside a profit warning.