Tullett Prebon says CEO to quit once successor appointed

LONDON, June 3 Tue Jun 3, 2014 1:00pm EDT

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LONDON, June 3 (Reuters) - British interdealer broker Tullet Prebon Plc said its chief executive Terry Smith would leave the company once a successor had been appointed.

Issuing a statement on Tuesday in response to media speculation, the FTSE 250 company said it was in the middle of a succession planning process which was "well advanced".

"Further announcements will be made when appropriate," Tullet Prebon said.

Smith is a prominent figure in London's financial circles. A source told Reuters earlier on Tuesday that the executive could leave as early as the end of June.

Smith, who has led Tullett since 2006, is stepping away from the London-based brokerage to focus on Fundsmith, the asset management firm he founded in 2010, the source added. (Reporting by Sarah Young)

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