UK shipbroker Clarksons is promoting from within as experienced director Laurence Hollingworth becomes its new chairman.

The former JP Morgan and Cazenove investment banker is replacing Sir Bill Thomas, who said in December he would not be seeking re-election after three years in the role.

The appointment has been made with immediate effect after a “rigorous search of both external and internal candidates”, the London-listed company said.

Hollingworth joined the board in July 2020 and brings extensive experience in capital markets and a strong understanding of the broking environment following a 37-year career in stockbroking and investment banking, the broker added.

He held several senior leadership roles at JP Morgan, including head of UK investment banking, head of Europe, Middle East and Africa (EMEA) industry coverage and vice chairman for EMEA equity capital markets.

Hollingworth is also non-executive chairman at ABM Communications, and a director at Recycling Technologies and Atom Bank.

He is stepping down as a member of the audit and risk committee at Clarksons but will remain a member of the remuneration committee and chair of the nomination committee.

Chief executive Andi Case said: “We are very pleased to welcome Laurence to his new role as chair of the board.”

“Since he joined Clarksons in 2020, he has proven himself an invaluable advisor with a wealth of experience in the broking sector and I look forward to working with him in his new position,” he added.

The boss thanked Thomas for his leadership over the last three years and wished him all the best for the future.

Leading the green transition

Hollingworth said that he has seen over the past two years the expertise, teamwork and determination that have enabled the company to navigate the global challenges brought about by Covid-19 with tremendous success.

“There is no doubt in my mind that Clarksons is the leading service provider across all of its markets,” the new chairman added.

“I look forward to continuing to work with the board to lead the company into the next successful stage of its journey as it seeks to lead the industry through the green transition, deliver for clients across all verticals and increase value for shareholders,” he said.

Thomas had indicated he wanted to spend time on other roles and activities.

The selection process to find his successor was led by Peter Backhouse, Clarksons’ senior independent director.

Thomas was the full-time successor to Swire veteran James Hughes-Hallett when he joined in February 2019.

He brought cyber-security connections as well as FTSE 250 and remuneration committee experience to the post.

Thomas remains chairman of Spirent Communications, which, like Clarksons, is listed on the London Stock Exchange, and privately owned IT specialist Node4.

He also chairs the remuneration and risk committees of the Co-operative Bank, where he sits as a non-executive director on the main board.

Soon after joining, Thomas had to deal with a mutiny over executive pay by Clarksons’ shareholders who objected to legacy contracts awarded to Case and financial chief Jeff Woyda.

Thomas was part of a charm offensive to bring rebels round ahead of a key vote in 2019 in which the company squeaked home with 51% in favour of the policy.