(Sharecast News) - Outgoing AJ Bell chief executive Andy Bell on Tuesday said he was also stepping down from the company board after talks with the financial regulator to avoid any conflicts of interest.
Bell said he had decided to step down from the board with effect from September 30 but would continue to work with the business in a consultancy role. The Financial Conduct Authority (FCA) has approved Michael Summersgill to take on the role of CEO from October 1.
"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 company said in a statement.
"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.
Reporting by Frank Prenesti at Sharecast.com
AJ Bell (AJB)
