Andy Bell, the founder and outgoing chief executive at AJ Bell, is to step down from the board after the regulator highlighted a need for a “clear distinction” between executive and non-executive roles at the business.
A stock exchange announcement this morning (27 September) confirmed the move after the Financial Conduct Authority (FCA) pointed out 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 chief executive. It said the FCA has indicated that it considers its 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". Bell announced his intention to step ...
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