To the lifeboats! Women and Senior Partners first!
Ince Gordon Dadds' Senior Partner, Julian Clark, is leaving the firm.
Clark has quit for a role at Gard, the Norwegian marine insurance business.
The firm said he had reached the end of his three year contract and that he was leaving "with our best wishes".
Following his departure, Ince has decided to phase out the role of Senior Partner, so that the listed firm will have a Managing Partner, currently Jennette Newman, and a Group CEO, currently Donald Brown.
“Michael Volikas continues to lead Ince’s 130-strong, market-leading, global maritime team, one of many sector specialisms we offer around the world", the firm told RollOnFriday.
Newman emailed the firm with the news last night after ROF approached for comment.
Clark was Ince’s Senior Partner for three years, having previously served as Hill Dickinson’s Global Head of Shipping. Newman reassured staff that his departure was actually a good thing, as he was was now “a potential client”.
Despite the PR gloss, his decision to not just step down but jump ship entirely doesn’t exactly inspire confidence.
Newman alluded to the firm’s myriad difficulties in her all-staff email in which she said that Ince was pulling together as a team “as we emerge from what has been a busy and challenging period”.
The most pressing challenge for the listed company is currently its shares, which have been suspended since December.
Ince has breezed past multiple self-set deadlines to produce its accounts, which are required for trading to restart.
Sources close to Ince’s management say it’s all the fault of its auditors, BDO, and that some of BDO's other clients are also experiencing delays.
It is not clear who is to blame for Ince’s failure to notify the market that Newman was holding one million shares in the company. In February the firm was required to make a corrective announcement disclosing the shareholding and explaining that it “had previously been omitted in error”.
A gloomy source predicted that Clark’s departure was “surely the final nail in the coffin of Ince”.
ROF disagrees. The firm must have hit every iceberg there is by now, meaning it’s surely plain sailing from here on out. As such, our unregulated, unqualified, no-liability tip is to buy the dip as soon as Ince shares begin trading again. Which, given the firm has said it expects to publish its financial results “in early March”, will be any day now.