AJ Bell plc, further to the announcement made on 16 June 2022 regarding Michael Summersgill's appointment as Chief Executive Officer (CEO) with effect from 1 October 2022, AJ Bell announces some subsequent Board changes. The Financial Conduct Authority (FCA) has approved Michael Summersgill under the Senior Managers & Certification Regime (SMCR) to take on the role of CEO with effect from 1 October 2022. Andy Bell has decided to step down from the Board with effect from 30 September 2022 but will continue to work with the business in a consultancy role.

Since announcing Andy's intention to step down as CEO, have had constructive discussions with the FCA about the need for a clear distinction between the executive and non-executive roles in a regulated firm and the risk to effective Board governance that would arise if a founder CEO with a significant shareholding remained on the Board after stepping down as CEO. The FCA have indicated that they consider their stance to be consistent with previous messages given to other regulated firms and is no reflection on the fitness and propriety of AJ Bell or Andy, who will remain as CEO until the end of September. The Board has agreed with Andy that whilst he remains a significant shareholder, he will retain the right to nominate a non-executive director to represent his interests as a major shareholder on the Board.

Helena Morrissey has advised the Board that she will stand down from the Board once a suitable replacement as Chair has been found. Helena has made a significant contribution during her time as Chair to Money Matters, AJ Bell's initiative to encourage more women to invest, as well as helping the company to progress its ambitions around the diversity of its own workforce. Evelyn Bourke, AJ Bell's Senior Independent Director, will now initiate a process to identify and appoint a new Chair.