Directorate Change

RNS Number : 9505F

Quilter PLC

01 November 2018

 

1 November 2018

Quilter plc

Quilter plc announces Chief Financial Officer transition to take place in March 2019

Quilter plc ('Quilter') announces that Mark Satchel, currently Quilter's Corporate Finance Director, is appointed Chief Financial Officer with effect from 13 March 2019, subject to regulatory approval. Tim Tookey, currently Chief Financial Officer will be stepping down from the Board on 13 March 2019.

Having made a significant contribution to the creation of Quilter plc as a standalone company and its subsequent listing in June 2018, Tim Tookey approached the Board to discuss his wish to return to a non-executive career, in order to enable a better work-life balance.  Tim and the Board have agreed that Tim will leave the business at the end of April 2019, having fully transitioned the role to his successor; he will step down from the Board on 13 March 2019. 

The Board is pleased to appoint Mark Satchel, currently Corporate Finance Director, to the role of Chief Financial Officer, effective on 13 March 2019, at which point he will join the Board, subject to regulatory approval. Mark has a long history at Quilter having been a pivotal member of the Old Mutual Wealth Executive Committee for many years. Mark has also worked closely with Tim over the last two years on the preparation for the listing and driving the optimisation initiatives which remain on track for a March shareholder update. 

Glyn Jones, Chairman of Quilter plc said:  "I would like to thank Tim for his very significant contribution to the creation of Quilter.  We are sorry to see him go but he leaves with our best wishes for the future and his return to a plural career.  The Board is delighted to appoint Mark Satchel to succeed Tim.  Mark is very well known to the Board and highly regarded.  He has worked closely in partnership with Tim so we are confident of a smooth transition and continuity on key initiatives."

Paul Feeney, Chief Executive said:  "Tim has made a great impact during his time with Quilter and played an instrumental role in preparing and delivering our listing.  Whilst I am sorry that we will be losing Tim, I am delighted that we have such an able successor in Mark. I have worked alongside him for many years and I am confident that he will be a very effective and talented CFO." 

Tim Tookey, Chief Financial Officer said:  "Quilter is a great business, built on strong foundations and with excellent prospects; I will remain a strong supporter and shareholder in the business.  I am delighted to be able to hand over to Mark, with whom I have built an excellent working relationship and who has all the skills and experience to undertake the role going forward."

There are no other details that are required to be disclosed in respect of these directorate changes under Paragraphs 9.6.11 and  9.6.13 of the Listing Rules of the UK Listing Authority, save as disclosed in this announcement.

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Enquiries:

Investor Relations

John-Paul Crutchley

[phone]

Media:

Jane Goodland

[phone]

Camarco

Geoffrey Pelham-Lane

[phone]

Aprio (South Africa)

Julian Gwillim

[phone]

Notes to Editors:

Biography:               Mark Satchel - Chief Financial Officer (designate)

Mark joined Old Mutual in the UK in January 2000 and has held numerous leadership positions within the Finance function at both Old Mutual plc and the operating business units. He was appointed as Chief Financial Officer to Skandia, which became Old Mutual Wealth, and served on its board from 2010 until April 2018. Mark was responsible for the disposal of nine businesses in Continental Europe and played a lead role in the acquisition of Intrinsic and Quilter Cheviot. He was instrumental in implementing Old Mutual Wealth's successful business model and helped scope the footprint of the business in preparation for an independent listing.  More specifically, Mark led the sale of the Single Strategy business (Old Mutual Global Investors), the debt raising for Quilter plc and the managed separation of Quilter from Old Mutual plc.

Earlier in his career, Mark was CFO for Skandia's Europe & Latin America Division and also spent a year in Sweden integrating Skandia into Old Mutual. He qualified as a Chartered Accountant in South Africa, and worked for KPMG in both South Africa and Canada prior to moving to the UK.

Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management. 

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business. Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name. 

 

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