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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 £153.62 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 £2.00 billion from £2.91 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.
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