Quilter's CFO to step down in March

Tim Tookey would be replaced by Mark Satchel. 

Quilter, a JSE-listed British wealth manager, said that Chief Financial Officer Tim Tookey (pictured) would step down in March 2019 and be replaced by Corporate Finance Director Mark Satchel, the company announced on Thursday. 

Tim, who was appointed as the chief financial officer of Old Mutual Wealth in April 2017, will step down from the Quilter board on March 13, 2019, and leave the company in April. He will be replaced by Mark, who has worked for Old Mutual in the UK since 2000. 

Mark has a long history at Quilter, having been a pivotal member of the Old Mutual Wealth Executive Committee for many years. Mark has also worked closely with Tim over the last two years on the preparation for the listing of Quilter on the JSE and FTSE 100, the company said in a statement.

Quilter said Tim approached the board of directors to discuss his wish to return to a non-executive career, “in order to enable a better work-life balance.”

The announcement is the latest executive team change at Quilter, formerly known as Old Mutual Wealth. Steve Braudo, the chief operating officer, resigned from the company in October, while Martin Baines, chief executive of the company’s wealth management division also stepped down.

Glyn Jones, the chairman of Quilter said: “We are sorry to see him [Tim] go but he leaves with our best wishes for the future and his return to a plural career.”

“The board is delighted to appoint Mark Satchel to succeed Tim. Mark is very well known to the Board and highly regarded. He has worked closely in partnership with Tim so we are confident of a smooth transition and continuity on key initiatives,” said Glyn. 

Paul Feeney, the CEO of Quilter: ‘Tim has made a great impact during his time with Quilter and played an instrumental role in preparing and delivering our listing.”

“Whilst I am sorry that we will be losing Tim, I am delighted that we have such an able successor in Mark. I have worked alongside him for many years and I am confident that he will be a very effective and talented CFO.”