Quilter Cheviot, part of Old Mutual Wealth, has announced that its CEO David Loudon, has decided to retire from his role with effect from 30 June.
Martin Baines, who was CEO of Quilter Cheviot from 2003 to 2015, will return to the role from 1 July. Loudon will remain as an adviser to the business.
In a statement announcing the news, Old Mutual Wealth said that it was pleased to welcome back Baines to the role to “provide continuity” as the company embarks on “the next phase of its corporate journey, as part of Old Mutual plc’s Managed Separation process”. Reporting to Paul Feeney, CEO, Old Mutual Wealth, Baines will continue to be a member of the Old Mutual Wealth Executive Committee, the statement said.
“After a career spanning almost 40 years in investment management and stockbroking, I have decided that the time is right to retire from my CEO responsibilities”, said Loudon. “I am immensely proud of the journey we have been on since I joined the firm in 1993. It is not ‘goodbye’ and I look forward to continuing to support this incredible business in an advisory capacity.”
Martin Baines, chief investment director at Old Mutual Wealth, who has worked with Loudon across the last 23 years thanked him for his “support and leadership” and said that he welcomed his decision to stay on at the company in an advisory capacity.