Sucden Financial announced on Wednesday that Michael Overlander would be stepping down from his role as chief executive officer at the end of this year.
Overlander will become non-executive chairman of the commodities and foreign exchange broker starting in January 2020.
The outgoing CEO has been with Sucden for almost 50 years, having joined the French company way back in 1973. He started out his career with the London Metal Exchange, a company he started working for in 1971 after leaving school aged 17.
Although he will be in a non-executive role, Sucden said in a statement that Overlander would continue to manage some of the broker’s “key client and exchange relationships, most notably involving the London Metal Exchange.”
On top of that, Overlander will be responsible for ensuring the Sucden board performs the tasks required of it.
Changes will “ensure Sucden Financial’s continued stability and growth”
He is going to be replaced by Marc Bailey, who is currently Deputy CEO at the broker.
Bailey has been with Sucden since 2015. He has an array of experience in the financial services world, having had stints as a trader at JP Morgan and on the floor of the London International Financial Futures and Options Exchange.
The incoming CEO has also held senior business development roles at the London Stock Exchange and Cargill Investor Services.
In a statement, Sucden said that the changes to its most senior personnel would help strengthen its business operations and ensure future success.
“Sucden Financial’s CEO Michael Overlander and Deputy CEO Marc Bailey will build on their strong and established partnership to strengthen the firm’s corporate governance, in the long term interests of further developing and expanding its services,” said the firm.
“Strong corporate governance is at the heart of long-term sustainable success for any company, particularly within financial services. These changes will help ensure Sucden Financial’s continued stability and growth.”