AJ Bell PLC Directorate Change (2031P)
June 16 2022 - 11:42AM
UK Regulatory
TIDMAJB
RNS Number : 2031P
AJ Bell PLC
16 June 2022
16 June 2022
This announcement includes inside information as defined in
Article 7 of the UK retained version of the Market Abuse Regulation
No. 596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
AJ Bell plc
CEO Succession
AJ Bell plc ("AJ Bell" or "Company"), one of the UK's largest
investment platforms, announces that Michael Summersgill will
succeed Andy Bell as Chief Executive Officer ("CEO") on 1 October
2022, subject to regulatory approval. Andy Bell will remain on the
AJ Bell Board and will assume the position of Non-executive Deputy
Chair with effect from the same date.
Michael has been with AJ Bell since 2007 and is currently Deputy
Chief Executive Officer ("Deputy CEO"). He has also held the
position of Chief Financial Officer ("CFO") since 2011. As
previously announced, he will be succeeded as CFO by Peter Birch on
1 July 2022.
Michael's appointment as CEO is in line with the Board's
long-established succession plan, having been identified as a
potential successor to Andy several years ago. He has held a range
of executive responsibilities across the business and since joining
the Board in 2011 has contributed significantly to the successful
delivery of the Company's growth strategy, as well as playing a key
role in the Company's successful listing on the Main Market in
December 2018 and its life as a public company since IPO. Since his
appointment as Deputy CEO last year, Michael has worked very
closely with Andy to ensure a smooth transition when he assumes the
role of CEO.
Andy has been AJ Bell's CEO since he co-founded the business in
1995. His appointment as Deputy Chair will ensure the Company
continues to benefit from his deep experience of AJ Bell and the
wider investment platform market. In his new role he will continue
to be actively involved in evaluating future market developments
and the opportunities they present to AJ Bell, as well as
campaigning for fairness and simplicity for UK retail investors and
financial advisers.
Helena Morrissey, Chair at AJ Bell, commented:
"Michael's appointment as CEO of AJ Bell is the culmination of a
long-term succession process that the Board has been running for a
number of years. The Board concluded that Michael was the standout
candidate given his experience of the business and the market. He
has served on the Board as CFO for over a decade and made a
significant contribution to the success of AJ Bell over that time.
His appointment to the role of Deputy CEO last year will ensure a
smooth transition when he becomes CEO and the Board is confident he
is the right person to lead our talented executive leadership
team.
"I am delighted that Andy will continue to serve on the Board as
Deputy Chair. He has built AJ Bell into one of the UK's leading
investment platforms and will remain an important member of the
Board. He has provided great support to me since I joined the
Company in 2021 and I look forward to working alongside him in his
new role as we strive to deliver AJ Bell's long-term growth
strategy."
Andy Bell, Chief Executive Officer at AJ Bell, commented:
"It has been an honour to lead AJ Bell as CEO, both as a private
company for many years and more recently as a publicly listed
business. I would like to thank our people, past and present, for
helping to grow AJ Bell into the business it is today. It has been
a fantastic journey so far and I am as excited as ever about the
prospects for the AJ Bell.
"I am delighted to be handing over to Michael, who has already
proven himself to be an outstanding leader within the Company. It
has been a pleasure to work alongside him for over a decade and I
know he is the right person to drive the business forward with
passion, enthusiasm and integrity.
"I look forward to moving into a new role of Deputy Chair, where
I will continue to support Helena, Michael and the rest of the team
as we look to capitalise on our significant long-term growth
opportunity."
Michael Summersgill, Deputy Chief Executive Officer at AJ Bell,
commented:
"It is a huge privilege to be take over the CEO role from Andy.
We have built the Company into one of the largest investment
platforms in the UK and I am incredibly excited by the growth
opportunity ahead of us.
"The foundations for us to deliver long-term growth in both the
advised and D2C markets are firmly in place. My focus will be on
continuing to evolve our platform propositions and service
capabilities to meet the ever-changing needs of advisers and
customers. I am confident we have the right team in place to meet
those needs and remain at the forefront of the investment platform
market."
Contacts:
AJ Bell
-- Charlie Musson, Brand and PR Director +44 (0) 7834 499
554
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment
platforms in the UK, operating at scale in both the advised and
direct-to-consumer markets. Our purpose is to help people invest by
providing them with easy-to-use online services and information to
help them build and manage their portfolios.
We do that via our three platform propositions - AJ Bell
Investcentre in the advised market and AJ Bell Youinvest and Dodl
by AJ Bell in the direct-to-consumer market, which all give
investors access to Pensions, ISAs and General Investment / Dealing
Accounts.
AJ Bell Investcentre and AJ Bell Youinvest provide access to a
broad investment range including shares and other instruments
traded on the major stock exchanges around the world, as well as
all mainstream collective investments available in the UK and our
own range of AJ Bell funds. Dodl by AJ Bell offers a simplified
investment range to make it easier for customers to choose
investments and buy and sell them without paying any
commission.
We also offer a Cash savings hub via AJ Bell Youinvest which
provides access to a range of competitive savings accounts to help
people manage their cash savings. AJ Bell is headquartered in
Manchester, UK, with offices in London and Bristol.
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