Sucden Financial has announced an organisational change at the top of the business with current CEO Michael Overlander moving to a non-executive chairman role and Marc Bailey, deputy CEO, stepping up to the head of the business.
The changes will come into effect on January 1 2020, Serge Varsano will also remain on the board as non-executive director, stepping down from his current role of chairman of Sucden Financial.
In his role, Sucden says Overlander will hold responsibility for the effective performance of the board. In addition, he will continue to manage some key client and exchange relationships, most notably involving the London Metal Exchange.
Bailey, as CEO, will be responsible to the chair and the board, for the leadership and delivery of the company’s growth-strategy, for existing and new business areas. “These changes will help ensure Sucden Financial’s continued stability and growth,” the firm says.
Overlander has been with Sucden since 1973 and was appointed to the board in 1984, while Bailey joined the firm in 2015 from the presidency of Jefferies Bache. Prior to that he was managing director and chairman at Bache Commodities, while other tenures include COO and director of business development at Cargill Investor Services, director of business development at the London Stock Exchange, and executive director at CIBC. His experience also includes working as a trader on the LIFFE floor and for JP Morgan, as the senior officer responsible for the floor trading team.