Openwork has appointed Kate Avery as temporary chair responsible for finding a replacement for departing chief executive Martin Davis.
Davis is leaving his role at Openwork to become chief executive of Cofunds and will take up the position in the summer.
The firm say the new chief executive will be responsible for progressing Openwork’s proposition strategy which offers members a single-tie, multi-tie and whole of market option. Openwork acquired IFA firm 2Plan Wealth Management in September.
Avery left her position of group executive director of Legal & General’s wealth management division in January 2009 after 12 years with the provider.
She was appointed non-exec director at Openwork in May 2009.
Avery says: “It is with regret that we see Martin depart the business but we are pleased to say he leaves us in a very strong position. We expect to announce his replacement in the near future but the Openwork Board and I would like to take this opportunity to thank Martin for his hard work and dedication, and to wish him all the best in his new role.”
Davis says: “The chance to join Cofunds is a great opportunity for me but I still think Openwork is the best in terms of distribution in the UK and they are in a great position to continue to operate well post-RDR. I think I delivered most of what I wanted to deliver in my time there.”