29th May 2023 06:26
(Alliance News) - St James's Place PLC is searching for a successor for its chief executive, Sky News reported on Saturday.
The FTSE 100-listed wealth manager is working with headhunter Russell Reynolds Associates to search for a replacement for Andrew Croft, Sky reported, citing "city sources".
The company is in "no rush" to find a successor, a source close to the firm told Sky, and the transition could take over a year.
Sky quoted a spokesperson for St James's Place as saying: "As part of long-term succession planning, the board has regular dialogue with search firms to assess and monitor the market.
"This is in line with best practice corporate governance."
https://news.sky.com/story/wealth-manager-st-jamess-place-kicks-off-hunt-for-new-chief-12890514
The firm said it had GBP153.62 billion in funds under management at the end of March.
However, its shares came under pressure after it reported that during the first quarter of 2023, net inflows slowed to GBP2.00 billion from GBP2.91 billion a year earlier.
Nevertheless, in April, CEO Croft said he expects a "more supportive environment for new business" as the rest of the year unfolds, should economic worries show more signs of abating.
Earlier this month, some 22% of the firm's shareholders voted to reject the director remuneration report at its annual general meeting.
By Elizabeth Winter, Alliance News senior markets reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.