AJ Bell shakes up boardroom with new COO and deputy CEO

AJ Bell said chief financial officer Michael Summersgill had been elevated to the newly created role of deputy chief executive, with effect from 1 October.

In his new role, Summersgill will support CEO Andy Bell with the development and execution of the company's strategy to drive the future growth of its platform propositions.

Elsewhere, group finance director Roger Stott was appointed to the newly created role of chief operating officer where he will assume responsibility for the company's operational functions and ensure the business remains scalable.

The FTSE 250-listed firm will conduct an external search for a new CFO to replace Summersgill.

Chairman Les Platts said: "These changes will further strengthen the board, both at executive and non-executive level, as the business embarks on the next phase of its long-term growth.

"The changes, together with the planned recruitment of a new chief financial officer, will bring greater experience and diversity to the board. This will benefit all of our stakeholders and enable the board to continue to maintain effective oversight as the business continues to grow."

As of 0910 BST, AJ Bell shares had inched up 0.33% to 431.60p.