Stanley Beck is retiring from the board of directors of GMP Capital Inc. (TSX: GMP) after serving more than eight years as chairman, the Toronto-based company said Thursday.
Beck will step down at the company’s annual and special meeting of common shareholders to be held on May 4.
The GMP board intends to appoint Don Wright as chairman immediately after the meeting, following his re-election to the board. Wright has been an independent director of the board since 2004.
Wright is currently president and CEO of The Winnington Capital Group Inc. and has over 30 years of experience in the investment industry. He has held a number of leadership positions, including president of Merrill Lynch Canada, executive vice president, director and member of the executive committee of Burns Fry Ltd., chairman and CEO of TD Securities Inc. and Deputy Chairman of TD Bank Financial Group.
“Don’s business acumen and experience make him an excellent choice for the position as chairman and under his leadership, I am confident that the board will build on its legacy of strong governance,” said Beck, in a release.
“On behalf of my fellow directors, I thank Stanley for his leadership, commitment and dedication to GMP as its chairman over the last eight years,” said Wright. “I am honoured by the board’s confidence and look forward to continuing to work with them and the management team as GMP enters the next exciting phase of its evolution.”