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Intrinsic chairman steps down from network and Old Mutual board

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Lord Leitch

Intrinsic chairman Lord Leitch will step down from the network’s board at the end of March.

He is also resigning his non-executive director position at parent provider Old Mutual Wealth.

Former Alliance Trust deputy chairman and Lloyds Banking Group finance director Gregor Stewart will take over as Intrinsic chairman in April, subject to regulatory approval.

Stewart has been a non-executive director at Intrinsic since September 2015.

Former chief risk officer Wallace Dobbin will fill Stewart’s role as a non-executive director at Intrinsic after having retired from full-time employment.

Leitch describes creating a building Intrinsic 11 years ago as “one of the proudest achievements of my life”.

He adds: “Consequently, deciding to step down as chairman has been an enormously difficult personal decision.  However, I depart with real confidence that Intrinsic, and Old Mutual Wealth, will continue to flourish as they both have vast potential and strong leaders.”

Intrinsic chief executive Andy Thompson says: “Lord Leitch’s contribution to Intrinsic, as well as Old Mutual Wealth, has been immense. As a founding shareholder, director and chairman of Intrinsic, he has been pivotal to the success of our business through its start-up phase and was instrumental in the acquisition of the business by Old Mutual Wealth in July 2014.

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