Adrian Sainsbury is to step down from his position as group chief executive and executive director of the Close Brother Group with effect from 6 January 2025 to focus on his health.
In a statement today (7 January) the group said that following a period of medical leave Sainsbury (pictured) "is recuperating well and expected to make a full recovery".
Following his departure, the board also announced the appointment of Mike Morgan as group chief executive on a permanent basis, subject to regulatory approval.
Mike Biggs, chairman, said: “The board would like to sincerely thank Adrian for his material contribution during his 11 years with the Group, the last four of which were as Chief Executive. During this time he has overseen a period of significant growth and development for the Group, successfully leading the organisation through a challenging period which includes Covid and heightened geopolitical uncertainty. On behalf of the Board I would like to wish Adrian all the very best for the future.”
“I am also pleased to confirm the appointment of Mike Morgan as permanent Group Chief Executive, subject to regulatory approval. Mike has made a strong contribution as Group Finance Director for the past five years and has been successfully performing the Chief Executive role on an interim basis over the last several months.
"He brings deep knowledge of the organisation and his appointment will ensure continuity in the leadership of the Group and delivery of our strategy.”
Adrian Sainsbury, outgoing group chief executive, said: “It has been a privilege to lead the group as chief executive for the last four years. During my time at Close Brothers I have been deeply impressed by the enduring strength of our business model, and the dedication and expertise of our people. I would like to thank the team at Close Brothers for
their commitment and support, and wish them every success for the years to come.”
