TP Icap will replace its departing chair with a former JPMorgan managing director, as the inter-dealer broker looks to move on from a difficult year during which its shares plummeted and its chief executive was fired.

Richard Berliand will join TP Icap as chair-designate in the first quarter of 2019, TP Icap said in a statement on December 14. He worked at JPMorgan for more than two decades and eventually led its global cash equities and prime services businesses.