Helena Morrissey has decided to give up her role as chair of investment platform AJ Bell and to stand down from the board as soon as a suitable replacement is found.
The announcement constitutes an additional board change to those awaited since June 2022, when Michael Summersgill was appointed as chief executive officer (CEO) to replace Andy Bell.
Morrissey, who had joined the board in 2021 and become chair in early 2022, made this decision subsequently to the Financial Conduct Authority (FCA)’s views around Bell’s role at the company.
After approving Summersgill as CEO, the regulator has stressed 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.
As a result, Bell has decided to step down from the board after “constructive discussions” with the FCA. He remains a significant shareholder and will retain the right to nominate a non-executive director to represent his interests as such.
“I accept the regulator's views,” he said. “My focus now 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.”
Commenting her own ensuing resignation, Morrissey, who will continue her work at the company on a consultancy basis, said: "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".