Michael Whitaker, chief executive of internet incubator NewMedia Spark, has stepped down as chairman of the board at EO, the online new issue distribution platform.

Whitaker, who was one of the founders of EO, will still play a part in the company's future as NewMedia Spark is EO's largest shareholder. NewMedia Spark owns a 38% stake in EO as part of its acquisition earlier this month of GlobalNet Financial, the US-based online financial services company. Whitaker also personally owns an 11% stake in EO.

Yasmine Chinwala

London Stock Exchange

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Whitaker steps down from EO

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