Nutmeg has appointed Martin Stead as its new chief executive following a leadership review at the firm.
Founder and chief executive Nick Hungerford will become non-executive director at the online wealth manager.
Stead joined Nutmeg as chief revenue officer in 2015 and held the role for seven months.
Before then, he was at EDF Energy for five years as a marketing, sales and digital director.
Nutmeg chairman Craig Anderson says: “Following a record-breaking tax year end and a new level of scale, it’s time for us to gear up for our next stage of growth. Together with Nutmeg founder Nick Hungerford and our other board members we have undergone a review of the leadership structure and today we announce the appointment of Martin Stead as chief executive of Nutmeg.
“Martin, who joined Nutmeg as Chief Revenue Officer in 2015, is perfectly placed to lead Nutmeg through the next stage of its development.”
Hungerford says: “The time is right to hand over the role of chief executive to Martin to manage and further accelerate Nutmeg’s growth. My role at Nutmeg is geared toward building the brand, developing the vision and making sure Nutmeg has a voice among its peer group.
“I look forward to assuming my new role and I’m delighted that Martin has agreed to take on the role of chief executive. Given my time working with Martin I am convinced that he has the skills necessary to lead Nutmeg, tackle the day to day challenges and deliver on our vision for customers.”
Last month, Nutmeg lost its chief operating officer Phillip Bungey to 7IM after nine years at the wealth manager.
Hungerford told Money Marketing: “The board and I maintain a succession plan for all key personnel. We will make an announcement in due course.”