Shepherd out, Montague in as Brooks Macdonald CEO

24th Jun 2024 09:44

(Sharecast News) - Brooks Macdonald Group announced the retirement of Andrew Shepherd on Monday, who has served the company for 22 years, most recently as group chief executive officer (CEO) for the last three years.

The AIM-traded firm's board said it had appointed Andrea Montague as the new group CEO, effective from 1 October, pending regulatory approval.

Montague, who joined Brooks Macdonald in August last year, would serve as group CEO designate starting 1 July to ensure a smooth transition while continuing her role as chief financial officer.

The company said Montague would bring extensive experience in the UK long-term savings and asset management sector.

Before joining Brooks Macdonald, she was the group chief risk officer at Aviva and previously served as group chief financial controller.

Her career also included senior leadership roles at Royal London Group and Standard Life.

The board said it had initiated a search for a new CFO to replace Montague in her current role.

"I am very pleased to announce Andrea's appointment as group chief executive officer," said chairman Maarten Slendebroek.

"Andrea joined the group in 2023 as chief financial officer and as part of the board's succession planning strategy for the group CEO role.

"Nevertheless, the board has followed a selection process supported by independent consultants which confirmed Andrea as the strongest candidate for the position."

Slendebroek said that since joining the group, Montague had demonstrated a depth of experience, pace and leadership which would be key in her new role and in continuing to drive forward its ambitious growth strategy.

"On behalf of the board, I would like to thank Andrew for his leadership, dedication and commitment to the group over the past three years as group CEO and over the last 22 years with the business.

"In that time, Andrew has become a respected leader in the wealth management industry.

"He has been pivotal in shaping the group over this period, and leaves behind a stronger business."

At 0900 BST, shares in Brooks Macdonald Group were up 0.92% at 1,968p.

Reporting by Josh White for Sharecast.com.