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SJP chief executive Bellamy to step down

Bellamy-David-2012-700x450.jpg
SJP chief executive David Bellamy

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.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Perhaps the penalties have dropped off his pension??

  2. Nah, it was shaving off his beard and stopping appearing amongst bushes that did for him

  3. If he is still a shareholder at SJP, by leaving SJP in this way, it will make it easier for him to deflect any criticism of him and SJP if he remains on the FCA’s Practitioner’s panel as he’ll be able to continue to influence F-pack thinking in favour of their Restricted Model over that of the disparate Independents.
    Just saying……. of course if he sold his SJP shares, there could now be no accusation of conflict of interest if he remains on the panel.

  4. It may be a bit like Tony Blair handing over his mantle to Gordon Brown on the eve of the brown stuff hitting the fan in a big way.

  5. Julian, I think you have hit the nail on the head. The ship may not be sinking, but it does rather look as if it is entering stormy waters. Elsewhere we can see that their profits have dropped and they are complaining about their FSCS levy.

    Bellamy is a shrewd operator and it looks as if he going while his hands are relatively clean and leaving others to shovel the expected doo-doo.

  6. Miaow, miaow, miaow…. Keep dreaming, guys, keep dreaming.

  7. My goodness. Judging by some of the responses from what are obviously SJP acolytes, one must rather admire their steadfast loyalty. Rather like the Moonies. The induction process must be something to behold!

  8. Well another business left to be run by an accountant, a fiscal acarvist. There is more to running SJP than cutting costs and selling all the pencil rubbers.
    It’s been a brilliant marketing exercise, lots of smoke and mirrors, and it has upset the rest of the market. The hype is akin to the moonies, I went to one of their inductions. It was horribly scewed

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