UK shipbroker Braemar is looking for a new global sale and purchase (S&P) head after the swift departure of Sebastian Davenport-Thomas.
The London-listed group confirmed the director was no longer working with the company as of Thursday night, but did not comment further.
TradeWinds understands the move is part of an internal restructuring of the department.
Davenport-Thomas is believed to have served 30 years with Braemar.
Broking sources said he had been involved with many big-ticket deals down the years and will be sought after by rivals.
The S&P broker, 52, is not believed to have agreed on a new role yet.
The search is now on for a successor.
Davenport-Thomas’ LinkedIn page shows he became a director in January 2019.
Filings at UK Companies House show other directorships at the broking group dating from 2010 and 2016.
In 2007, TradeWinds reported that Davenport-Thomas had been made head of S&P.
He replaced high-profile S&P broker Andi Case, who defected to rival shop Clarksons in 2006 to become a managing director and later chief executive.
Deal probe goes on
The restructuring comes at a time when Braemar is still investigating unspecified transactions dating from 2006 to 2013 that have prevented the company from filing its annual report.
This has resulted in its shares being suspended in London since 3 July.
But the company has enjoyed a strong six months and is expecting to reveal record results in October.
In February, Braemar announced rewards totalling £2.02m ($2.4m) for its top staff, while also seeking a capital reduction to boost its dividend firepower.
The first tranche of share awards was made under the long-term incentive plan.
Chief executive James Gundy was granted 164,360 no-cost options, while chief operations officer Tris Simmonds received 259,516 and group finance director Alistair Borthwick 28,547.
Davenport-Thomas was awarded 78,326 options.
The options vest in three years subject to performance criteria based on the earnings to February 2025.
