David Lawrence, the CEO of quick rising wealth supervisor and Monetary Planner Kingswood Holdings, has give up.
He will probably be changed by ex-Constructive Options CEO and Chartered Accountant Peter Coleman as interim CEO, topic to FCA approval.
A search is beneath approach for a everlasting alternative.
AIM-listed and personal equity-owned Kingswood introduced the surprising exit of Mr Lawrence to the Inventory Trade this morning.
Mr Lawrence, who has constructed the corporate into a major presence within the Monetary Planning market, resigned to the board not too long ago.
Mr Lawrence has overseen fast enlargement at Kingswood though there have been current stories that the corporate was up on the market, a transfer it dominated out final October.
Mr Lawrence has headed the corporate, which has a global arm, for 4 years and oversaw over 20 acquisitions and integrations, progress in AUM, an enlargement to roughly 20,000 purchasers and the mixing of IBOSS.
Latest outcomes confirmed that group income was at £86.2m, up 37.7% on final yr, whereas working revenue was at £10.8m, up 37.9%. Kingswood employs about 400 employees.
Mr Coleman has broad trade expertise together with a spread of government management roles as CEO, CCO and CFO. He labored at Monetary Planner and wealth supervisor Succession Wealth and at Wealth Wizards and was CEO of nationwide IFA Constructive Options.
David Hudd, Chairman, mentioned: “On behalf of the board, I want to thank David Lawrence for his excellent contribution to Kingswood’s success and to congratulate Peter Coleman on his new function. Peter comes with sturdy credentials and I’m positive he’ll carry a lot power to an already sturdy enterprise.”
Mr Lawrence mentioned: “The final 4 years have been a transformative interval for Kingswood. It’s now a extremely skilled enterprise with equally sturdy funding administration credentials, and with the help of our main buyers, Pollen Avenue Capital has made and built-in over 20 acquisitions with AuA/M now approaching £10bn.
“We’d not have achieved any of this with out the unstinting dedication of all of our colleagues, our buyers and our board, whose help throughout my tenure I’m deeply grateful for.”
Mr Coleman mentioned: “I’m delighted to hitch Kingswood at this thrilling time for the enterprise. Kingswood has grown quickly and has stable foundations, and I stay up for persevering with the work to ship a firstclass service to our purchasers and wealth planners by means of operational excellence.”