St James’s Place chief executive David Bellamy will leave the firm after 11 years as chief executive officer.
Bellamy plans to step down at the end of 2017, to be replaced by the firm’s chief financial officer Andrew Croft, while chief risk officer Craig Gentle will step in to Croft’s old position.
Croft has been chief financial officer for the past 12 years. Both appointments are subject to regulatory approval.
Bellamy says: “It’s been an incredible journey and I am very proud of what we have achieved together since the group commenced trading in January 1992. It’s been a great privilege to have led SJP through a period of great transformation and success over the last 11 years and I would like to thank the executive team and everyone in our community for making these achievements possible.
“The group is in excellent shape and better placed than it ever has been for the opportunities that lie ahead and I know that, under Andrew’s leadership, SJP will continue to go from strength to strength.”
In an interview last month with the Financial Times, Bellamy responded to suggestions he would leave the firm soon, saying: “I’m 63 years old. Am I leaving one day? Yes, of course. Do we plan for succession in these businesses, yes we do. Am I announcing today that I’m leaving? No, I’m not.”
Bellamy, who has a spot on the FCA’s practitioner panel to guide the Financial Advice Market Review, has been a staunch defender of the firm’s fee and product choice policies.