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Nest chief Tim Jones to quit

Nest chief executive officer Tim Jones is to quit the Government-backed pension scheme at the end of the year.

No replacement has been announced.

Prior to joining Nest and its predecessor PADA, Jones was a non-executive director of Capital One Bank (Europe), chief executive of retail banking at NatWest Bank and chief executive at Mondex, Purseus and Simpay.

Jones says: “After almost eight years as chief executive of PADA and then Nest, the time is right for me to pursue a longstanding ambition to develop a global digital money product. I’m very proud to have played a part in establishing Nest, and helping millions more people to save for their retirement. I will of course continue to monitor Nest’s progress as the story develops.

“By giving early indications of my intentions I hope I’ve demonstrated my ongoing commitment to Nest and my desire to help ensure a smooth transition. Rest assured that I will continue to devote my energies enthusiastically to lead Nest through the challenges of 2015.”

Nest chairman Otto Thoresen says: “As the first chief executive of Nest Tim has done a fantastic job. He has successfully taken Nest from the early stages of development through to the first key stages of delivery and established Nest as an integral part of auto enrolment in the process. Tim’s long standing interest in digital money is well known and we all wish him every success with his new project. In the meantime, I am grateful to Tim for giving us advance notice of his intentions and allowing for an orderly transition.

“Tim will be leaving Nest at the end of an important chapter, but there are many more exciting chapters still to come. I look forward to working closely with the team at Nest over the next few months as we get ready to welcome a new chief executive and see the next stages in the story of auto-enrolment unfold.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. This guy is an astute operator (as a glimpse at his CV will confirm.)

    With all the small firms reaching their Staging Dates this year and early next, he knows full well that NEST will be used as the default option for opt outs.

    This is bound to have a significant impact on the outfit’s bottom line with unease from Tata, no doubt.
    So he is leaving what he probably regards as a potential sinking ship – and who can blame him.

  2. Another Regulation imposed ‘Revolving Door’ I suspect…

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