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Proactive Investors - Wealth management advisory St. James’s Place PLC (LON:SJP) has unveiled a leadership succession plan for the imminent departure of long-serving company executive and Chief Executive Officer Andrew Croft.
The wealth manager revealed today that Prudential PLC (LON:PRU)’s ex-interim chief executive Mark FitzPatrick — who played a key role in the transforming savings and insurance business into an Asia-focused and digitally enabled advisory service — will take the helm as its new CEO next month.
FitzPatrick previously held the role of CEO of Prudential in an interim capacity until 24 February 2023, before which he was the chief financial officer of the business from 2017 to 2022, and became chief operating officer in July 2019.
He was formerly a managing partner at Deloitte, where he was a member of the executive committee and vice chair from 2011 to 2015. He also once led Deloitte’s insurance and investment management audit and insurance industry practices.
Croft will step down from St James 's Place as a director in December, when an official handover will take place, but will remain with the firm until next year to assist where required, the firm said in a statement.
During Croft’s time as CEO, client funds under management of the FTSE 100-listed company have grown to £157.5 billion, after it first began life as a start-up in 1991. He first joined the firm in 1993 and served as its chief financial officer for thirteen years from 2004, before holding the role of CEO from 2018.
"By continuing to do the right thing for clients and adapting with agility to our fast-changing world, I am confident that St. James's Place will be in a strong position to create value for all stakeholders in the years to come," said FitzPatrick, the incoming CEO of St James's Place.
FitzPatrick remains chair of the audit and risk committee of Scottish Mortgage Investment Trust PLC (LON:SMT), where he holds a role as non-executive director.