Adrian Sainsbury, CEO of Close Brothers Group, has stepped down from his position following a period of medical leave, in order to focus on his health.
According to a London Stock Exchange announcement published today (7 January 2025), Sainsbury (pictured) officially left the business yesterday. The company said he is “recuperating well” and is “expected to make a full recovery”.
Mike Morgan, group finance director at Close Brothers Group, has been appointed group CEO in Sainsbury’s place on a permanent basis, subject to regulatory approval.
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Morgan has worked at the business for 15 years. Prior to this, he spent nine years at the Royal Bank of Scotland – latterly as finance director of its wealth management division. He also spent nine years as finance director of Scottish Provident.
Mike Biggs, chair of Close Brothers Group, said: “The board would like to sincerely thank Adrian for his material contribution during his 11 years with the group, the last four of which were as chief executive. During this time he has overseen a period of significant growth and development for the group, successfully leading the organisation through a challenging period which includes Covid and heightened geopolitical uncertainty.
“On behalf of the board I would like to wish Adrian all the very best for the future.”
On the appointment of Morgan as group CEO, he added: “Mike has made a strong contribution as group finance director for the past five years and has been successfully performing the chief executive role on an interim basis over the last several months.
“He brings deep knowledge of the organisation and his appointment will ensure continuity in the leadership of the group and delivery of our strategy.”
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Outgoing CEO Sainsbury said it has been “a privilege” to lead Close Brothers as chief executive for the last four years.
“During my time at Close Brothers I have been deeply impressed by the enduring strength of our business model, and the dedication and expertise of our people. I would like to thank the team at Close Brothers for their commitment and support, and wish them every success for the years to come.”