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Funding platform and SIPP supplier AJ Bell has appointed its deputy CEO Michael Summersgill to succeed founder Andy Bell as CEO from 1 October, topic to regulatory approval.
Mr Bell, who constructed up and floated the platform on the inventory market, will stay on the AJ Bell board as non-executive deputy chair from the identical date.
Mr Summersgill has been with AJ Bell since 2007 and is at present deputy CEO. He has additionally been chief monetary officer since 2011. He shall be succeeded as CFO by Peter Birch on 1 July.
The corporate says the appointments are consistent with the board’s long-term succession planning.
Mr Summersgill has held a number of govt roles at AJ Bell and has additionally contributed “considerably” to the corporate’s speedy development, the Manchester-based agency stated.
He play a key function in serving to float the corporate in December 2018 by way of an IPO.
Mr Bell based the agency in 1995. He’ll proceed to be “actively concerned” in evaluating future market developments and alternatives in addition to “campaigning for equity and ease for UK retail traders and monetary advisers,” the corporate stated.
Mr Bell stated: “It has been an honour to steer AJ Bell as CEO, each as a non-public firm for a few years and extra just lately as a publicly listed enterprise. I wish to thank our folks, previous and current, for serving to to develop AJ Bell into the enterprise it’s right this moment. It has been a improbable journey to this point and I’m as excited as ever in regards to the prospects for the AJ Bell.
“I’m delighted to be handing over to Michael, who has already confirmed himself to be an excellent chief throughout the firm. It has been a pleasure to work alongside him for over a decade and I do know he’s the correct particular person to drive the enterprise ahead with ardour, enthusiasm and integrity.
“I stay up for shifting into a brand new function of deputy Chair, the place I’ll proceed to assist Helena, Michael and the remainder of the staff as we glance to capitalise on our vital long-term development alternative.”
Mr Summersgill stated: “It’s a big privilege to be take over the CEO function from Andy. We now have constructed the corporate into one of many largest funding platforms within the UK and I’m extremely excited by the expansion alternative forward of us.
“The foundations for us to ship long-term development in each the suggested and D2C markets are firmly in place. My focus shall be on persevering with to evolve our platform propositions and repair capabilities to satisfy the ever-changing wants of advisers and clients. I’m assured we now have the correct staff in place to satisfy these wants and stay on the forefront of the funding platform market.”
AJ Bell chair Helena Morrissey stated: ““Michael’s appointment as CEO of AJ Bell is the fruits of a long-term succession course of that the board has been working for plenty of years. The board concluded that Michael was the standout candidate given his expertise of the enterprise and the market.”
“I’m delighted that Andy will proceed to serve on the board as deputy chair. He has constructed AJ Bell into one of many UK’s main funding platforms and can stay an essential member of the Board. He has offered nice assist to me since I joined the corporate in 2021 and I stay up for working alongside him in his new function as we attempt to ship AJ Bell’s long-term development technique.”
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