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

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.