Kingswood CEO resigns with immediate effect

(Sharecast News) - Kingswood has announced the immediate exit of chief executive David Lawrence from the AIM-listed wealth and investment management firm. The company did not give a reason for the resignation but thanks Lawrence for his "outstanding contribution" since joining the firm in 2020.

"The last four years have been a transformative period for Kingswood," Lawrence said in a statement.

"It is now a highly professional business with equally strong investment management credentials, and with the support of our primary investors, Pollen Street Capital has made and integrated over 20 acquisitions with AuA/M now approaching £10bn."

Kingswood announced that it has appointed fellow chartered accountant Peter Coleman to the board to be interim CEO while it starts the process to search for a permanent replacement. He is said to have held a range of executive leadership roles, including as CEO, CCO and CFO.

Kingswood shares have increased by 35% over the past two weeks alone since the publication of its annual results, which showed a 38% jump in group revenue in 2023 and a 38% rise in operating profits.