AJ Bell has announced several changes to its board as it plans to further grow its platform offerings.
The firm said on Wednesday that chief financial officer Michael Summersgill will move into the newly created role of deputy chief executive from 1 October. He will support CEO Andy Bell (pictured) in developing the firm’s strategy to further grow its platforms, AJ Bell said.
Summersgill has been CFO at AJ Bell since 2011 holding responsibility for the company’s finance and operations functions. AJ Bell is seeking Summersgill’s replacement who will also sit on the board.
Elsewhere, group finance director Roger Stott will join the board on 1 October as chief operating officer, another newly created role. In his new role, Stott, who has been with AJ Bell for 13 years, will be responsible for operational functions and ensuring the business remains scalable and delivers good customer service.
In addition, Margaret Hassall has been appointed as a non-executive director joining the board on 1 September. Hassall recently stepped down as a non-executive director at Nucleus Financial Group where she chaired the remuneration committee. She was a non-executive director for One Savings Bank until May 2020 and has also worked as a consultant at Deloitte and Charteris.
AJ Bell chairman Les Platts said the changes will “bring greater experience and diversity to the board”.
In February AJ Bell was among the firms flagged for its low female representation on its executive committee. At the time it had just 16.1% female representation on its combined executive committee and direct reports team.
In July Helena Morrissey joined as a non-executive director, with the aim of succeeding Platts as chairman at the next AGM in January 2022.
Bell said: “Our business is growing quickly and there are exciting opportunities to take advantage of in the investment platform market. It is important that we have the resources and expertise within the business to support this growth and that includes the board.”
Last month, the platform provider reported assets under administration (AUA) jumped 8% to £70.4bn during the three months to the end of June, an increase of 30% for the year.
