REG - St. James's Place - CEO Succession

St James's PlaceAnnouncement

13/09/2023 07:15

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RNS Number : 2917M  St. James's Place PLC  13 September 2023

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF
THE MARKET ABUSE REGULATION (EU) 596/2014

 

 

 

PRESS RELEASE

 

13 September 2023

 

MARK FITZPATRICK TO SUCCEED ANDREW CROFT AS CEO OF ST. JAMES'S PLACE

 

St. James's Place ("SJP" or "the Company") today announces the appointment of
Mark FitzPatrick to the Board of Directors as Chief Executive Officer
Designate with effect from 1 October 2023. Mark's appointment follows an
extensive and robust selection process by the Group Nomination and Governance
Committee, considering both internal and external candidates. Subject to
regulatory approvals, Mark will assume the role of Chief Executive Officer on
1 December 2023.

 

Mark will succeed Andrew Croft, who has been with St. James's Place since
1993, serving as its Chief Financial Officer from 2004 to 2017 and as Chief
Executive Officer since 2018. Andrew will step down as a director of the
company on 1 December 2023 following an orderly handover and will remain with
St. James's Place into 2024 to assist the business as required.

 

Mark was Group Chief Executive Officer of Prudential plc ("Prudential") on an
interim basis until 24 February 2023. Prior to this, he was the Chief
Financial Officer of Prudential from 2017 to 2022, becoming Chief Operating
Officer also in July 2019. During this period, Mark was a member of an
executive team which transformed Prudential into a saving, investment and
insurance business focused on Asia and powered by digitally enabled
face-to-face advice. Before joining Prudential, Mark was a Managing Partner at
Deloitte, a member of the Executive Committee and Vice Chairman between 2011
and 2015. He previously led Deloitte's insurance and investment management
audit practice and its insurance industry practice. Mark is also a
Non-Executive Director and Chair of the Audit and Risk Committee of Scottish
Mortgage Investment Trust PLC and a trustee of the British Heart Foundation.

 

Paul Manduca, Chair of St. James's Place, said: "I am delighted to announce
the appointment of Mark FitzPatrick as SJP's next Chief Executive Officer.
Mark has a well-established track record in retail financial services and the
Board believes he will bring expertise and energy to the role. We all look
forward to working with him.

 

"On behalf of the Board, I would like to thank Andrew for his unwavering
commitment to St. James's Place over the last 30 years. During his tenure as
Chief Executive Officer since 2018, client funds under management have grown
to £157.5 billion, cementing our position as the leading financial advice and
wealth management business in the UK today. Andrew will be greatly missed by
everyone at SJP, and we wish him our very best in his retirement."

 

Andrew Croft said: "I am immensely proud of all we have achieved at St.
James's Place. Having joined the business over three decades ago, I can see
just how far we have come. From a start-up in 1991 to a FTSE100 company today,
St. James's Place has transformed the wealth management industry by providing
trusted face-to-face, personalised advice. Our success is down to the depth
and quality of the Partnership and the enduring relationships they forge with
clients to deliver great consumer outcomes. It has been a great privilege to
work with everyone within our broad St. James's Place community, and I wish
Mark and the business every success in the future."

 

Mark FitzPatrick said: "St. James's Place is a business full of people who are
passionate about helping families and individuals secure their financial
futures. The distinctive quality of the service provided by its Partners is
more important now than ever, and I cannot wait to join the team. By
continuing to do the right thing for clients and adapting with agility to our
fast-changing world, I am confident that St. James's Place will be in a strong
position to create value for all stakeholders in the years to come".

 

 

 

Enquiries:

 Hugh Taylor, Director - Investor Relations       Tel: 07818 075143
 Jamie Dunkley, External Communications Director  Tel: 07779 999651

 Brunswick Group:                                 Tel: 020 7404 5959
 Eilis Murphy                                     Email: sjp@brunswickgroup.com (mailto:sjp@brunswickgroup.com)

 Charles Pretzlik

Additional information

Mark FitzPatrick's appointment is subject to approval by the Financial Conduct
Authority and the Prudential Regulation Authority. Mark has no other
disclosable appointments and no other information is required to be disclosed
pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct
Authority. Mark's remuneration arrangement with effect from appointment as CEO
Designate have been set in accordance with the Directors' remuneration policy
approved by shareholders at the 2023 AGM on 18 May 2023.

 

Mark will receive an annual salary of £840,000 and a pension allowance of 10%
of salary, which is aligned to the pension allowance for the Group's
workforce. He will be able to participate in the Company's annual bonus plan
and long-term incentive plan, consistent with the terms of the Directors'
Remuneration Policy approved by shareholders.

 

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