(Alliance News) - AJ Bell PLC late Thursday said it promoted Deputy Chief Executive Officer Michael Summersgill to chief executive officer, to replace Andy Bell who stepped down from the helm of the investment platform.
Summersgill, who is also chief financial officer, will replace Bell as CEO with effect on October 1, while Bell will transition to non-executive deputy chair on the same date.
The stockbroker said the move was in line with the board's long-established succession plan, with Summersgill being identified as a potential successor to Bell several years ago. Summersgill has held a range of executive responsibilities across the business.
Since his appointment as deputy CEO in August last year, Summersgill has worked with Andy to ensure a smooth transition when he assumes the role of CEO.
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."
The company was formed in Manchester by Bell and Nicholas Littlefair in 1995.
The stock closed down 1.5% at 269.40 pence on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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AJ Bell (AJB)