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Shore Capital founder to step down as CEO

Howard Shore, founder and executive chairman of Shore Capital Group Ltd., is relinquishing his operational responsibilities as CEO of the Guernsey, U.K.-based group.

He will be replaced by Simon Fine and David Kaye as joint CEOs, effective in April, pending regulatory approvals. Shore will remain executive chairman and will focus on the group's international investment strategy.

Fine and Kaye will also be part of Shore Capital's board of directors. Fine has been CEO of the group's capital markets business since 2002, while Kaye has served as CEO of the asset management division since 2012.

Shore Capital reported full-year 2016 unaudited consolidated profit attributable to equity holders of the parent of £1.3 million, down from £6.4 million in the year-ago period.

The group's board proposed a final dividend of 5 pence per share for 2016, compared to nil a year ago. The dividend will be paid April 26 to shareholders on the register April 7.