Source: The Canadian Press

GMP Capital Inc. (TSX:GMP) says it is making changes in its top ranks, shifting president Harris Fricker into the role of chief executive, and moving its current CEO into another position.

The Toronto-based investment dealer said Tuesday that CEO Kevin Sullivan will become deputy chairman effective October 1.

Incoming CEO Fricker has worked with the company in various posts since joining the financial services firm in 2002.

He had served as president of its GMP Securities LP division, before being appointed as president of GMP Capital in May 2009. Some of his other positions included vice-chairman and co-head of investment banking at GMP Securities.

Sullivan said he has worked with Harris for more than eight years, and will continue to work alongside him in his new position.

“He has a proven record of executing winning strategies and growing profitable businesses and as president he has helped deepen our relationships with key clients,” Sullivan said.

In his new role as deputy chairman, Sullivan will work on key strategic projects, mentoring the company’s staff and boosting GMP’s brand awareness, the company said.

“Since Kevin informed the board that he would like to transition from the CEO role, the board has been working to ensure Kevin’s new role with GMP allows him to be fully engaged and committed to continue promoting the interests and growth of GMP,” chairman Stanley Beck said in a release.

“We have the utmost confidence in Harris and his ability to continue building the GMP franchise and delivering value for our clients, employees and shareholders.”