Tullett Prebon has announced the appointment of John Phizackerley as an executive director and Chief Executive Officer of the Company, with effect from 1 September 2014.

Terry Smith will stand down as an executive director and Chief Executive Officer of the Company, on 31 August 2014.

Phizackerley held a number of senior management positions at Nomura International plc from 2009 to 2013, including Chief Executive Officer EMEA from March 2011 to May 2013. Prior to joining Nomura, Phizackerley worked for Lehman Brothers from 1986 to 2008 in roles including head of research, co-head of Equities and Chief Administrative Officer EMEA. He started his career as an underground mining engineer with Anglo American Corporation of South Africa.

Rupert Robson, Chairman of Tullett Prebon commented: ‘Terry Smith had the vision more than ten years ago to bring together Tullett Liberty and Prebon Yamane to create what is today one of the leading inter-dealer brokers in the world. In the process he has created significant value for shareholders and has steered the group through the financial and regulatory upheavals of the last few years. We are immensely grateful for his huge contribution to the business and wish him well for the future with Fundsmith’.

‘I am delighted to welcome John Phizackerley as Tullett Prebon’s new chief executive. He has a distinguished track record in the investment banking industry and wide international experience. His deep understanding of our customers’ needs and his regulatory expertise will be invaluable in taking Tullett Prebon forward in these changing times to the next stage in its development’.