Marex has said long-standing non-executive director Lord Stanley Fink and non-executive chair Carla Stent are leaving the broker's board in line with regulatory guidelines for directors' tenure.

The London-based broker on Tuesday said current senior independent director Robert Pickering (pictured) will replace later this month Stent as non-exec chair, a position she has held since 2019 after joining the board in 2014. Marex said non-executive director Sarah Ing will replace Pickering as senior independent director. 

Also stepping down will be Lord Fink, a former chief executive of Man Group, who has been a Marex non-exec for 13 years.

The changes will take effect on September 30 subject to regulatory approval, Marex said on Tuesday.

“I am tremendously excited to have been appointed Chair of the Marex Board at such an important point in its development,” Pickering said in a statement. “Over the past few years, Marex has grown profits rapidly while simultaneously evolving from a commodities broker and market-maker into a diversified, global financial services platform, servicing clients in the energy, commodities and financial markets.

“I would like to pay tribute to Carla’s calm and effective leadership of the Board throughout this period of rapid growth and organisational change. I would also like to thank Stanley for his invaluable contribution to the Board during his long tenure.”

The firm said it will fill the two non-executive roles left vacant by the reshuffle “in due course".

The latest version of the UK Governance Code, which took effect in 2018, recommends a tenure of nine years for board chairs, allowing “comply or explain” extensions in certain circumstances.

The moves come at a time of expansion for Marex, which reported a 30% rise in 2022 revenue, reflecting the acquisition last year of ED&F Man Capital Markets.

Marex looked in 2021 at floating on the London Stock Exchange but cancelled its June listing due to “challenging IPO market conditions”.