People Moves
St James's Place Chief Executive Steps Down
Mark Lund, chief executive of St James's Place has stepped down and will be leaving the group to seek a fresh challenge according to a statement from the UK wealth management group. The search for a new chief executive will start shortly and in the meantime David Bellamy, who has been the group’s managing director over the last five years, will take over responsibility for the group’s day to day running, supported by FD Andrew Croft and Ian Gascoigne, group sales director. Chairman Mike Wilson said: “The board would like to thank Mark Lund for his significant contribution and commitment since joining the group three years ago and becoming chief executive in September 2004. “During this time St James's Place has grown new business and profits substantially. The St James's Place Partnership is well positioned to continue to capitalise on the opportunities in the fast expanding wealth management market.” Mr Lund received £855,769 ($1.6 million) in salary and bonuses in 2005 and is contractually obliged to receive a year’s salary and bonuses. He also has share options potentially worth £3 million. The group's new business results will be announced on 25 January 2007.
