Retail investment platform AJ Bell revealed on Thursday its deputy CEO and finance chief Michael Summersgill will take over from co-founder Andy Bell as chief executive officer of the firm.
In a statement yesterday, the firm said that Bell would step down from the role on 1st October but will remain on the board as a non-executive deputy chair, where he will continue to be “actively involved in evaluating future market developments and opportunities”.
Summersgill has been the chief financial officer of the firm since 2011 and will take over the top role in October from Bell, who has led the company since he co-founded it in 1995.
Bell said yesterday it had been an “honour” to lead the firm through its life as a private firm and onto the public markets.
“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,” he said.
AJ Bell said the move was the “culmination of a long-term succession process that the board has been running for a number of years”.