Wealth management advisory firm St James's Place has announced it's chief executive is to step down, effective immediately.
In an announcement to the London Stock Exchange the advisory firm says the Board of the company and Mark Lund, the chief executive, jointly agreed Lund would step down in order to seek a fresh challenge.
It says the search for someone to replace Lund, who joined the group three years ago, and became chief executive in September in 2004, will start shortly, but states in the meantime David Bellamy, group managing director for the past five years, will take over the day-to-day responsibility of running the firm.
St James’s Place says Bellamy will be supported in the interim by Andrew Croft, the group finance director, and Ian Gascoigne, group sales director, and adds the Board has “every confidence this senior and experienced executive team will continue to drive the business forward until the new chief executive is appointed.”
The news comes ahead of the company’s new business results which are scheduled to be announced on the 25 January, and is despite the group confirming continued new business growth in the fourth quarter of 2006, and that new business is in line with market expectations.
Mike Wilson, chairman of the board, says during Lund’s tenure the company has “grown new business and profits substantially”, and adds “the St James’s Place Partnership is well positioned to continue to capitalise on the opportunities in the fast expanding wealth management market.”
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