Money Marketing understands that there has been tension at senior management level with regard to the future ownership and direction of the business.
Following his appointment, Davis will step down as current chairman. The board and Zurich Group have asked Kate Avery, currently a non-executive director of Openwork, to assume the role of chair.
Davis was previously chief executive of Zurich Global Life Emerging Markets. He has also previously held executive positions at Zurich International Life and Sesame.
Davis says the firm will look to establish a two-tier distribution model in the context of the RDR with both multi-tied and whole-of-market advisers working for the firm.
Davis says: “I am very excited about the prospect of building on the existing model and strongly believe that, with Zurich’s continued support for high quality distribution in the UK, Openwork is in an excellent position to meet the challenges of the changing regulatory environment ahead. I believe this is an exciting time to take on the role of chief executive.”