The discretionary fund manager said that following the firm’s listing in June 2018, Tookey had expressed his intention to step down from the board to achieve “a better work-life balance”.
He will withdraw from the board by March 2019 and exit the business entirely by the end of April.
Tookey’s exit is the latest in a string of departures at the newly separated wealth manager. Earlier this month Quilter Cheviot chief executive Martin Baines stepped down in an executive revamp which the firm said was part of “the next phase of its corporate journey”.
At the same time Quilter Cheviot chief operating officer Steve Braudo confirmed he would be stepping down.
Spearheaded creation of Quilter brand
Tookey joined the firm in February 2017 as an independent non-executive director and ascended to the role of CFO six months later to spearhead the creation of a standalone, listed business under the Quilter brand.
He has more than 20 years’ experience at the board level where he served as finance director for Prudential and Lloyds and CFO of Friends of Life Group immediately before joining Quilter.
Tookey began his career advising on corporate finance and audit work at KPMG in 1985 and moved to Heath Lambert in 1996 to assist with its merger.
He will be replaced by Mark Satchel who is currently corporate finance director at the firm.
Satchel and Tookey worked closely together for two years preparing the business to list. The pair also set the firm’s growth objectives which Quilter said on Thursday remain “on track” for its annual update in March.
Satchel has held numerous roles since joining Old Mutual’s UK business in January 2000. He was CFO of what was then Skandia before it rebranded to Old Mutual Wealth from 2010 until August 2017.
Instrumental in listing
Commenting on Tookey’s departure Quilter CEO Paul Feeney (pictured) said: “Tim has made a great impact during his time with Quilter and played an instrumental role in preparing and delivering our listing. While I am sorry that we will be losing Tim, I am delighted that we have such an able successor in Mark. I have worked alongside him for many years and I am confident that he will be a very effective and talented CFO.”
Tookey said he would remain a “strong supporter” and shareholder in the business.
He added: “I am delighted to be able to hand over to Mark, with whom I have built an excellent working relationship and who has all the skills and experience to undertake the role.”