Succession  

Succession names chairman as permanent boss

Succession names chairman as permanent boss

Succession’s chairman, Ray Pierce, will take on permanent leadership of the advice consolidator with immediate effect following the death of Simon Chamberlain.

Mr Pierce has been appointed as executive chairman and pledged that Successions’s plans will remain unchanged.

Mr Chamberlain, the company’s founder and chief executive, died suddenly last week aged 51.

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Mr Pierce said: “Succession’s plans, strategies, and vision remain unchanged. Thanks to the strong foundations that Simon built, Succession is exceptionally well-equipped for the future.

“We have a proven market leading model, a strong management and operational team; our financial results are excellent, and we have the wholehearted and unconditional support of our investors, Inflexion.

“Succession will continue to offer the best possible support to Simon’s family at this difficult time.

“I have been touched by the huge number of messages of condolence and support, from both within and outside the company. 

“The best way we can honour Simon's memory is to redouble our efforts to bring his dream to fruition. I know he would expect nothing less.”

Succession has nine acquisitions lined up for the rest of the year, with another 10 lined up for 2018.

The company was also recently reported to be on the verge of reaching a "transformational" deal to buy a national advice business with 50 or 60 advisers and was making "revolutionary" changes to its platform which would involve outsourcing the technology but taking on responsibility for being the platform provider.

Succession is also preparing for a capital event in 2018, either by floating on the London Stock Exchange or accepting private equity investment.

Mr Pierce joined Succession as chairman in November 2009.

He has been senior independent non-executive director at Tesco Bank and a senior vice president of American Express.

He was also chief executive of Robson Rhodes and a main board director of Guardian Royal Exchange, which at the time was a FTSE 100 company.

damian.fantato@ft.com