Rathbones’ chief executive Philip Howell is to retire next year and will be replaced by Paul Stockton, the firm announced on Tuesday.
The company said that Howell, who has been CEO since 2014, will step down from the role at the company’s annual general meeting on 9 May 2019.
The board has appointed group finance director Stockton (pictured) as Howell’s successor on that date, subject to regulatory approval.
Rathbones said the pair will work closely together until then to ensure a smooth handover.
Howell joined Rathbones in 2013 as deputy CEO. Before that, he occupied several CEO roles in private banking, including at Williams de Broë, Fortis Private Banking and Barclays Bank.
Stockton, who has been with Rathbones for almost a decade, was appointed managing director of Rathbone Investment Management in May.
He started his career at PwC before occupying senior finance roles at Old Mutual, Euroclear, Pearl and Resolution.
Careful succession planning
Rathbones chairman Mark Nicholls said the company has firmly established itself as the leading UK wealth manager under Howell’s leadership.
“On behalf of the board, I would like to thank him for the strong direction, unfailing commitment and dedication he has provided to Rathbones during his tenure,” he said.
Nicholls added the board recognises the importance of careful succession planning and having worked with Stockton for many years, is “delighted” with his promotion.
“Paul has built up considerable experience and a deep knowledge of the firm, its values and culture and I wish him every success as he takes on his new responsibilities,” he said.
Last month, Rathbones appointed EFG Private Bank’s Jennifer Mathias as group finance director to replace Stockton.
