Scholey steps in at Close Brothers
Sir David was at one stage tipped to take over as governor of the Bank of England. As chairman of SG Warburg he negotiated its takeover by Swiss Bank Corporation in 1995. He will take over as non-executive chairman at Close at the annual meeting this autumn.
Rod Kent, chief executive, said yesterday that Mr Morley - one of five original members of the team that bought the bank out from Consolidated Gold Fields in 1979 - had planned to retire next year.
Mr Kent said: "We are very sorry Michael is leaving. But we have in Sir David someone of huge experience to draw on. He was enormously supportive of us in the early days. He personally gave us a lot of encouragement. We are hoping that the wealth of experience he brings will help us grow Close Brothers."
Sir David, who also holds non-executive directorships of J Sainsbury, Vodafone and the BBC, will continue his role as senior adviser to Warburg Dillon Read.
Mr Kent said the slowdown in the UK economy was continuing, although the climate had improved since last summer's "bloodbath" when the group warned it would not maintain its 24-year record of year-on-year profit growth .
Profits at the half year to 31 January were down by nearly 10 per cent to pounds 33.2m pre-tax, although Mr Kent insisted that the fall was on a period that in historic terms was "heroically good", and that the first half was ahead of last year's second half.
He said the group had also turned in a better trading performance than anticipated. Staff costs fell by 5 per cent in spite of an increase in the head count, reflecting lower bonus payouts overall. The dividend payout is 5.3p, up by 10 per cent. The shares fell 32.5p to 665p.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Tommy Ramone dies: Last surviving founder and drummer seminal punk band The Ramones dies aged 62
Gaza-Israel conflict: The terrible price Palestinian children are paying for Israel’s war with Hamas
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...