GMP Capital Inc.’s search for ways to make its business more efficient has resulted in the company switching chief financial officers.
Long-time CFO Christine Drake was replaced Tuesday morning with Deborah Starkman, who had been managing director of finance. Ms. Starkman’s experience in roles on both the operational and finance sides of the business should allow the company to be more efficient, said GMP head of investor relations Rocco Colella.
“This was viewed as an opportunity for GMP to be run a bit more collaboratively,” he said in an interview. The change “enhances flow of information between finance and operations.”
The change comes after GMP chief executive officer Harris Fricker pledged to “aggressively” seek ways to make the business more efficient and to keep costs down. GMP has been struggling to make money, reporting a loss in its most recent quarter, amid doldrums for trading and deal-making.
“The current low level of activity is affording us the opportunity to fully assess our operations across our entire franchise,” Mr. Fricker said after the second– quarter results.
Ms. Drake had earned about $1.3-million per year in the last three years that GMP for which the firm has reported compensation numbers. She joined GMP in 2005.