St James's Place (SJP) chief executive David Bellamy is to step down after 26 years on the board.
Bellamy (pictured), who has been chief executive for the last 11 years, will remain with SJP in an advisory capacity and take on the role of non-executive chair at the end of 2017.
He will be replaced as CEO by chief financial officer (CFO) Andrew Croft, who has held that role since 2004. Craig Gentle, chief risk officer, will replace Croft as CFO and be promoted to the board.
Current chair Sarah Bates paid tribute to Bellamy’s stewardship of the company, saying: ‘Under David’s leadership, St. James’s Place has gone from strength to strength.
'Client funds have more than quadrupled to over £75 billion, the Partnership has grown consistently to over 3,000 advisers today, and the company has become an established member of the FTSE 100. On behalf of the board, I thank David for his outstanding contribution throughout his 26 years of service.
‘We are delighted to announce that Andrew Croft will become chief executive officer when David steps down.
'Andrew has already played a key role in the success of the group, serving as chief financial officer for the past 12 years and is the ideal person to lead St. James’s Place. Craig Gentle will be appointed chief financial officer.’
Bellamy said: ‘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 St. James’s Place 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, St. James’s Place will continue to go from strength to strength.’
Croft added: ‘’I am naturally very pleased and honoured to be asked to take on the role of chief executive officer and very much look forward to working with the entire St. James’s Place community in the coming years.’
Bellamy joined SJP originally in 1991 and has worked in the financial services industry in a long career dating back to 1973.
Shares in SJP were down 4.5%, or 49p, at 1,039p at 8:10am.