The Share Centre’s top boss Richard Stone is bowing out after 14 years following its acquisition by rival platform Interactive Investor.
The stockbroker confirmed Stone would be stepping down on 18 September “to pursue other interests and opportunities” and handing over the reins to II CEO Richard Wilson (pictured).
The change in leadership comes after II finalised its acquisition of The Share Centre in July. The deal, which was originally announced back in February, helped II become a £35bn platform, bringing it closer in size to competitor AJ Bell.
Wilson hailed Stone as “an industry stalwart who exemplifies integrity and honesty”, adding that the “service-driven culture” he created would help in the integration of the businesses moving forward.
“I would like to thank Richard for his dedication to the Share Centre and wish him the very best for the future,” he said.
“I am looking forward to spending more time at Aylesbury, working with the Share team and welcoming their customers to our award-winning range of products and services.”
Stone joined Share plc as a chartered accountant in April 2006 and became CEO in 2014. Under his watch AUM at the firm grew from £2.6bn to £6.1bn by 31 December 2019. However, like other platform businesses it has struggled to return a profit, reporting an operating loss of £133,000 last year.
Stone said it had been a pleasure working for Share for over a decade and was proud of the track record the business had achieved.
“The deal with Interactive Investor undoubtedly remains the right next step for the business and for our customers,” he said. “Scale will enable the business to face into the challenges of technology and regulation while continuing to offer customers high-quality low-cost services.
“I have got to know the senior management at Interactive Investor well over recent years and am confident that the business has a bright future in their hands and know that they share the passion for serving the interests of personal investors. I would wish them, and all my colleagues, the very best for the future.”
