St James’s Place is searching for a new chief executive to replace an outgoing Andrew Croft, according to reports.
Headhunting firm Russell Reynolds Associates is already working on finding a successor to Croft (pictured) Sky News has reported, citing sources close to the situation. SJP chair Paul Manduca is “overseeing the hunt.”
Sources told Sky the company is in “no rush” and the replacement process could take up to a year.
A spokesperson for the FTSE 100 listed wealth manager told Portfolio Adviser: “As part of long-term succession planning, the board has regular dialogue with search firms to assess and monitor the market. This is in line with best practice corporate governance.”
Croft has been at the firm in various roles since 1993. He was chief financial officer between 2004 and 2017, then took on the top job in 2018.
A change of CEO would not be the only senior hire made this year, should it transpire. Last month the firm announced the appointment of Legal & General Investment Management’s Justin Onuekwusi as chief investment officer.
In its most recent update, the wealth manager said funds under management recovered to £153.6bn in the first quarter of 2023 after slipping to £148.4bn last year.
