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Brokerage CEO steps down following acquisition

Brokerage CEO steps down following acquisition

Jonathan Turnbull will step down as CEO of Lloyd's of London broker RFIB Holdings Ltd. and will be replaced by Dennis Mahoney, a longtime London market executive, the brokerage announced Friday.

The announcement comes two weeks after RFIB announced that Mr. Mahoney would join the firm as executive chairman following the acquisition of a majority stake in RFIB by San Francisco-based private equity firm Calera Capital.

In a statement, RFIB said Mr. Turnbull, who has headed the brokerage since 2011, would step down “after an orderly transition.”

“Having brought the business to this point, the time is right for me to move on to other ventures. I wish the team at RFIB the best of success in the future,” Mr. Turnbull said in the statement.

During his career, Mr. Mahoney has held several senior positions in the London market, including CEO of Aon U.K.

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