Categories:Corporate,Scotland,UK

Maclays appoints corporate head as new CEO

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  • Smylie had chosen not to stand for a second term = Smylie was so unpopular it was made clear to him that if he chose to do so he would lose.

    Firm was ahead of its budget and performance last year = budget was conservative and we are only just ahead of it and our disastrous performance last year.

    Deal volume and value significantly up in past few months = we had one tasty deal for AAM but the rest of the year has seen the usual mediocre performance.

    I wonder how long it will be before Smylie leaves. Shand is a nice guy but don't see him as a CEO. They better pray their FSG doesn't get poached.

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  • Chris Smylie was a strange choice for CEO in the first place, in my view. Doesn't have great man management skills - not a believer, I would assume, in the adage that you catch more flies with honey than with vinegar. Still, he took on an ailing firm and tried to turn it around in his own way. It will be interesting to see the numbers for the year ended May this year. It looks like the legal services market is starting to recover. If the MMS results don't track that his tenure will be deemed a failure. What will the new CEOs approach be to the London and Aberdeen offices? Could we see an admission of failure resulting in one or both being closed?

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