David Hickey has resigned from his post as executive chairman of Lighthouse Group.
He decision to quit comes after shareholders voted against delisting the business from trading on AIM. While the proposal to delist was unanimously supported by the board, many key shareholders lobbied against the move.
A statement to investors this morning said Hickey told the board he would step down shortly after the crucial shareholder vote on 31 July.
It said: "David notified the board that, as the individual primarily responsible for liaising with shareholders, and continuing to believe that the AIM quotation was inappropriate for Lighthouse, it would be appropriate for him to step down, logically at the time of the release of the forthcoming 2012 interim statement."
Hickey served as executive chairman for ten years and oversaw the growth of Lighthouse Group from 100 IFAs to about 600.
When he started the group had revenues of £10m, of which a small proportion was recurring. The business said it was "heavily loss making".
Today its revenues exceed £60m, £18 of which is recurring and profits of 2011 were £1.6m.
Hickey said: "My record at Lighthouse speaks for itself, and I leave the Group in a strong financial and operational position. The current management team is very experienced and capable and I have no doubt that Lighthouse will continue to thrive."
Non-executive director Richard Last has been named as the firm's non-executive chairman. He has served on the board since 2007.
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