Philip Howell to retire as Rathbone Brothers CEO

Rathbone Brothers announced on Tuesday that, after achieving what its board called a successful period of considerable growth, Philip Howell would retire as its chief executive officer and from the board by the 2019 annual general meeting on 9 May next year.

The FTSE 250 company said the board had appointed Paul Stockton as his successor, subject to regulatory approval.

Stockton had been group finance director of Rathbones for almost a decade, and was appointed managing director of Rathbone Investment Management in May of this year.

The board said he had been a “key individual” in the firm's success, and had played an integral role in the significant growth of the business.

During the intervening period, both Howell and Stockton would continue to work closely, to ensure there is a smooth transition.

“Under Philip’s leadership, Rathbones has firmly established itself as the leading UK wealth manager and, on behalf of the board, I would like to thank him for the strong direction, unfailing commitment and dedication he has provided to Rathbones during his tenure,” said Rathbone Brothers chairman Mark Nicholls.

“The board recognises the importance of careful succession planning at Rathbones and, having worked with Paul for many years, we are delighted with his promotion to chief executive officer.

“Paul has built up considerable experience and a deep knowledge of the firm, its values and culture and I wish him every success as he takes on his new responsibilities.”

Philip Howell, chief executive of Rathbones, added that it had been a “privilege” to lead and work alongside the “many talented professionals” and dedicated support staff who compose Rathbones.

“I am very grateful for their considerable contribution to our success over the past five years.

“I look forward to working closely with Paul through the transition and I am confident that he will lead the firm to continued success.”

Paul Stockton said the opportunity to lead such a “prominent and well respected business” was “truly exciting”.

“Our clients and stakeholders place considerable trust in our ability to deliver them a quality service and reliable investment outcomes.

“I very much look forward to continuing to work with the board, our executive team and my colleagues, to build on our position as a leading UK wealth manager,” Stockton explained.