Old Mutual Wealth has announced that industry heavyweight Lord ‘Sandy’ Leitch is to step down from his positions as non-executive director of the Old Mutual Wealth Board and also as chairman of the Singapore-based Intrinsic Financial Services Board at the end of March 2017.
Gregor Stewart, who has been an independent non-executive director of Intrinsic since September 2015, will become chairman of the Intrinsic Board on 1 April 2017, subject to regulatory approval, Old Mutual Wealth said in a statement earlier today.
Leitch, a member of the House of Lords and one of the UK financial services most experienced players, will remain as an adviser to the Intrinsic Board until June 2017.
Wallace Dobbin, who announced his retirement from full-time employment recently and has been replaced by Gill Davidson as chief risk officer, has accepted an invitation to become a non-executive director of Intrinsic Board in May 2017, subject to regulatory approval.
Andy Thompson, CEO of Intrinsic, called Leitch’s contribution to Intrinsic and Old Mutual Wealth “immense” and “instrumental in the acquisition of the [Intrinsic] business” by Old Mutual Wealth in July 2014.
On the appointments of Stewart and Dobbin Thompson called Stewart “an excellent” choice to replace Leitch, pictured left, as chairman. And as Dobbin was one of the founders of Intrinsic he continued presence on the Intrinsic Board “will help provide continuity,” he said.
Glyn Jones, the recently appointed independent non-executive chairman of the Old Mutual Wealth board also thanked Leitch for his “valuable guidance and wise leadership” Leitch is currently also chairman of Bupa and FNZ – as well as a member of the House of Lords.
Previous roles include deputy chairman of Lloyds Banking Group, chairman of Scottish Widows, chairman and CEO of Zurich UKISA, chairman of Threadneedle, chairman of Association of British Insurers and many more.
Leitch said: “Creating and building Intrinsic from a standing start 11 years ago has been one of the proudest achievements of my life. Consequently, deciding to step down as chairman has been an enormously difficult personal decision.
However, I depart with real confidence that Intrinsic, and Old Mutual Wealth, will continue to flourish as they both have vast potential and strong leaders.”
Old Mutual Wealth is a wealth management business in the UK and internationally. It has an adviser and customer offering spanning: Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore, platform based wealth management and protection products delivered by Old Mutual Wealth in the UK and Old Mutual International globally, asset management solutions delivered by Old Mutual Global Investors and discretionary investment management delivered by Quilter Cheviot.
Old Mutual Wealth is part of Old Mutual plc and oversees £119bn in customer investments (as at 30 September 2016).