AJ Bell PLC Board Changes (7113A)
September 27 2022 - 2:01AM
UK Regulatory
TIDMAJB
RNS Number : 7113A
AJ Bell PLC
27 September 2022
27 September 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
Board changes
Further to the announcement made by AJ Bell plc (AJ Bell) on 16
June 2022 regarding Michael Summersgill's appointment as Chief
Executive Officer (CEO) with effect from 1 October 2022, AJ Bell
announces some subsequent Board changes.
CEO succession
The Financial Conduct Authority (FCA) has approved Michael
Summersgill under the Senior Managers & Certification Regime
(SMCR) to take on the role of CEO with effect from 1 October
2022.
Andy Bell has decided to step down from the Board with effect
from 30 September 2022 but will continue to work with the business
in a consultancy role.
Since announcing Andy's intention to step down as CEO, we have
had constructive discussions with the FCA about the need for a
clear distinction between the executive and non-executive roles in
a regulated firm and the risk to effective Board governance that
would arise if a founder CEO with a significant shareholding
remained on the Board after stepping down as CEO. The FCA have
indicated that they consider their stance to be consistent with
previous messages given to other regulated firms and is no
reflection on the fitness and propriety of AJ Bell or Andy, who
will remain as CEO until the end of September.
The Board has agreed with Andy that whilst he remains a
significant shareholder, he will retain the right to nominate a
non-executive director to represent his interests as a major
shareholder on the Board.
Andy Bell, Chief Executive, comments:
"I accept the regulator's views and as a result have decided to
step down from the Board in order that I can continue the journey I
started 27 years ago, supporting the business in the most effective
way I can. My focus will be on helping to build the AJ Bell brand
as well as continuing to support AJ Bell's campaigning and lobbying
efforts on behalf of retail investors and financial advisers. I
have complete confidence in the Board, Michael and the wider
management team and remain a committed long-term shareholder."
Chair succession
Helena Morrissey has advised the Board that she will stand down
from the Board once a suitable replacement as Chair has been found.
Helena has made a significant contribution during her time as Chair
to Money Matters, AJ Bell's initiative to encourage more women to
invest, as well as helping the company to progress its ambitions
around the diversity of its own workforce. The Board has therefore
asked Helena to work with AJ Bell going forwards on a consultancy
basis to continue her guidance and assistance to the company in
these areas."
Helena Morrissey, Chair, comments:
"I am looking forward to continuing to work with Michael and the
wider AJ Bell team to encourage more women to think about investing
and to advise the company on its diversity and inclusion
strategy."
Evelyn Bourke, AJ Bell's Senior Independent Director, will now
initiate a process to identify and appoint a new Chair.
Evelyn Bourke, Senior Independent Director, comments:
"On behalf of the Board I would like to thank Helena for her
work as Chair, in particular the appointments of a new CEO and CFO,
the focus she has brought to our diversity and inclusion
initiatives and changes she has instigated around the way the Board
operates, which have been well received by all. However, we were
unable to agree our preferred role for Andy with the FCA and Helena
believes it is the right thing for her to step aside so a new Chair
can take the Board forward. I am glad the business will continue to
benefit from Helena's knowledge and experience."
Contacts:
AJ Bell
+44 (0) 7522 235
* Shaun Yates, Investor Relations Director 898
+44 (0) 7834 499
* Charlie Musson, Brand and PR Director 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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