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REG - AJ Bell PLC - Board Changes

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RNS Number : 7113A  AJ Bell PLC  27 September 2022

27 September 2022

 

This announcement includes inside information as defined in Article 7 of the
UK retained version of the Market Abuse Regulation No. 596/2014. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.

 

AJ Bell plc

Board changes

 

Further to the announcement made by AJ Bell plc (AJ Bell) on 16 June 2022
regarding Michael Summersgill's appointment as Chief Executive Officer (CEO)
with effect from 1 October 2022, AJ Bell announces some subsequent Board
changes.

 

CEO succession

 

The Financial Conduct Authority (FCA) has approved Michael Summersgill under
the Senior Managers & Certification Regime (SMCR) to take on the role of
CEO with effect from 1 October 2022.

 

Andy Bell has decided to step down from the Board with effect from 30
September 2022 but will continue to work with the business in a consultancy
role.

 

Since announcing Andy's intention to step down as CEO, we have had
constructive discussions with the FCA about the need for a clear distinction
between the executive and non-executive roles in a regulated firm and the risk
to effective Board governance that would arise if a founder CEO with a
significant shareholding remained on the Board after stepping down as CEO.
The FCA have indicated that they consider their stance to be consistent with
previous messages given to other regulated firms and is no reflection on the
fitness and propriety of AJ Bell or Andy, who will remain as CEO until the end
of September.

 

The Board has agreed with Andy that whilst he remains a significant
shareholder, he will retain the right to nominate a non-executive director to
represent his interests as a major shareholder on the Board.

 

Andy Bell, Chief Executive, comments:

 

"I accept the regulator's views and as a result have decided to step down from
the Board in order that I can continue the journey I started 27 years ago,
supporting the business in the most effective way I can.  My focus will be on
helping to build the AJ Bell brand as well as continuing to support AJ Bell's
campaigning and lobbying efforts on behalf of retail investors and financial
advisers. I have complete confidence in the Board, Michael and the wider
management team and remain a committed long-term shareholder."

 

Chair succession

 

Helena Morrissey has advised the Board that she will stand down from the Board
once a suitable replacement as Chair has been found.  Helena has made a
significant contribution during her time as Chair to Money Matters, AJ Bell's
initiative to encourage more women to invest, as well as helping the company
to progress its ambitions around the diversity of its own workforce. The Board
has therefore asked Helena to work with AJ Bell going forwards on a
consultancy basis to continue her guidance and assistance to the company in
these areas."

 

Helena Morrissey, Chair, comments:

 

"I am looking forward to continuing to work with Michael and the wider AJ Bell
team to encourage more women to think about investing and to advise the
company on its diversity and inclusion strategy."

 

Evelyn Bourke, AJ Bell's Senior Independent Director, will now initiate a
process to identify and appoint a new Chair.

 

Evelyn Bourke, Senior Independent Director, comments:

 

"On behalf of the Board I would like to thank Helena for her work as Chair, in
particular the appointments of a new CEO and CFO, the focus she has brought to
our diversity and inclusion initiatives and changes she has instigated around
the way the Board operates, which have been well received by all. However, we
were unable to agree our preferred role for Andy with the FCA and Helena
believes it is the right thing for her to step aside so a new Chair can take
the Board forward. I am glad the business will continue to benefit from
Helena's knowledge and experience."

 

Contacts:

 

AJ Bell

 

 ·    Shaun Yates, Investor Relations Director      +44 (0) 7522 235 898
 ·    Charlie Musson, Brand and PR Director         +44 (0) 7834 499 554

 

 

About AJ Bell:

Established in 1995, AJ Bell is one of the largest investment platforms in the
UK, operating at scale in both the advised and direct-to-consumer markets.

Our purpose is to help people invest by providing them with easy-to-use online
services and information to help them build and manage their portfolios.

We do that via our three platform propositions - AJ Bell Investcentre in the
advised market and AJ Bell Youinvest and Dodl by AJ Bell in the
direct-to-consumer market, which all give investors access to Pensions, ISAs
and General Investment / Dealing Accounts.

AJ Bell Investcentre and AJ Bell Youinvest provide access to a broad
investment range including shares and other instruments traded on the major
stock exchanges around the world, as well as all mainstream collective
investments available in the UK and our own range of AJ Bell funds.

Dodl by AJ Bell offers a simplified investment range to make it easier for
customers to choose investments and buy and sell them without paying any
commission.

We also offer a Cash savings hub via AJ Bell Youinvest which provides access
to a range of competitive savings accounts to help people manage their cash
savings.

AJ Bell is headquartered in Manchester, UK, with offices in London and
Bristol.

 

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