Doughty's departure puts ProShare future in doubt

The future of ProShare, the financial education group funded by leading City organisations and two government departments, is in doubt after the sudden departure of its chief executive. Michelle Doughty, a former stockbroker and journalist, is leaving only eight months after being appointed.

The future of ProShare, the financial education group funded by leading City organisations and two government departments, is in doubt after the sudden departure of its chief executive. Michelle Doughty, a former stockbroker and journalist, is leaving only eight months after being appointed.

Sonia Rehill, ProShare's press officer, said last night: "The Board and Michelle have decided to part company. Richard Greenhill, one of our directors, has been appointed deputy chairman and will work with the staff to take the organisation forward. I cannot say when a new chief executive will be appointed. That is all I am prepared to say."

Mr Greenhill said: "I have been appointed deputy chairman with executive responsibilities, partly because our chairman, Michael Savory, has become Lord Mayor of London, which is extremely time-consuming. I will be doing the serious things that one does in any serious business, big or small. I do not know that we are looking for another chief executive. That is all I am prepared to say."

However, a senior figure at ProShare said: "Michelle's departure raises questions about what ProShare is for, and whether it should be wrapped up in the Financial Services Authority or some other organisation."

Ms Doughty was appointed in March after a search organised by Ffion Hague through the headhunters Hanson Green. They were briefed to find someone with proven fund raising experience. Ms Doughty was a major-donor fund raiser for the Royal Shakespeare Company.

At the time of her appointment Mr Savory said: "I am delighted that we have appointed someone of Michelle Doughty's calibre. She brings proven leadership skills, a wealth of knowledge and experience in dealing with private investor issues and financial organisations."