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Evolution FD steps down amid takeover talk

ANDREW WESTENBERGER, finance director of Evolution, a UK stockbroker in early-stage talks about a potential takeover, has left the company with immediate effect.

In a short statement, the company said that Westenberger, who was appointed to the post in the spring of 2009, has left by “mutual consent” but declined to give a reason for his departure.

However, one market analyst hinted at a potential link between Westenberger’s departure and an acquisition approach from South African broker Investec.

“It’s very tempting to say [Mr Westenberger’s departure] must be connected to the Investec talk,” Keith Baird, analyst at Oriel Securities, told the Financial Times. “Finance directors don’t immediately depart, do they?”

Westenberger’s departure coincides with the reappointment of Lord MacLaurin to the board of Evolution less than three months after he originally left the company. MacLaurin, a former chairman of Tesco and Vodafone, previously served as a non-executive director on the board from July 2004 until May 2011.

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