New CEO for AJ Bell as founder steps down
Investment platform AJ Bell has announced a new CEO to succeed founder Andy Bell who will step into the role of deputy chair.
Current deputy CEO Michael Summersgill will take on the top job in October having been identified as a potential successor to Andy several years ago.
Michael joined AJ Bell in 2007 and was previously the company’s chief financial officer since 2011.
He has held a range of executive responsibilities across the business and since joining the board in 2011 and “has contributed significantly” to the company’s growth strategy as well as playing a key role in AJ Bell’s listing on the Main Market in December 2018 and its life as a public company since IPO.
Andy has been AJ Bell’s CEO since he co-founded the business in 1995.
In his new role he will continue to be actively involved in evaluating future market developments and the opportunities they present to AJ Bell, as well as “campaigning for fairness and simplicity” for UK retail investors and financial advisers.
Helena Morrissey, Chair at AJ Bell, said: “Michael’s appointment as CEO of AJ Bell is the culmination of a long-term succession process that the Board has been running for a number of years.
“The Board concluded that Michael was the standout candidate given his experience of the business and the market.
“He has served on the Board as CFO for over a decade and made a significant contribution to the success of AJ Bell over that time. His appointment to the role of Deputy CEO last year will ensure a smooth transition when he becomes CEO and the Board is confident he is the right person to lead our talented executive leadership team.”
Andy Bell said: “It has been an honour to lead AJ Bell as CEO, both as a private company for many years and more recently as a publicly listed business.
“ I would like to thank our people, past and present, for helping to grow AJ Bell into the business it is today. It has been a fantastic journey so far and I am as excited as ever about the prospects for the AJ Bell.
“I am delighted to be handing over to Michael, who has already proven himself to be an outstanding leader within the Company. It has been a pleasure to work alongside him for over a decade and I know he is the right person to drive the business forward with passion, enthusiasm and integrity.
“I look forward to moving into a new role of Deputy Chair, where I will continue to support Helena, Michael and the rest of the team as we look to capitalise on our significant long-term growth opportunity.”
Michael Summersgill added: “The foundations for us to deliver long-term growth in both the advised and D2C markets are firmly in place. My focus will be on continuing to evolve our platform propositions and service capabilities to meet the ever-changing needs of advisers and customers. I am confident we have the right team in place to meet those needs and remain at the forefront of the investment platform market.”
