AJ Bell PLC (LSE:AJB) shares were little moved after the investment platform announced overnight that eponymous founder Andy Bell will step down as chief executive later this year.
Bell, who co-founded the company in 1995, will be replaced at the start of October by Michael Summersgill, currently deputy CEO and has been the board since being appointed chief financial officer in 2011.
Bell is not leaving the board yet, and will move to a non-executive role as deputy chair.
As previously announced Peter Birch will take over as CFO next month.
Summersgill was identified as a potential CEO “several years ago”, the company said in a statement after Thursday’s market close, noting that he has worked closely with Bell since his appointment as deputy CEO last year.
Chair Helena Morrissey said: “The board concluded that Michael was the standout candidate given his experience of the business and the market.”
Bell said his successor “has already proven himself to be an outstanding leader within the company”, while Summersgill said his focus will be on “continuing to evolve our platform propositions and service capabilities to meet the ever-changing needs of advisers and customers”.