Prudential's Mark FitzPatrick appointed new CEO at St James's Place

(Sharecast News) - Investment management firm St James's Place has confirmed recent rumours that it is replacing its long-running chief executive officer Andrew Croft with former Prudential boss Mark FitzPatrick.

SJP confirmed back in May that it was looking for a successor to Croft, who has been with the company since 1993, serving as chief financial officer from 2004 to 2017 and CEO since 2018.

He will stay on the board until the end of the year but will remain with the company into 2024 "to assist the business as required", a statement on Tuesday said.

Reports in recent weeks suggested FitzPatrick was leading the race to become the company's new CEO.

FitzPatrick has held several senior positions at Prudential: he became chief financial officer in 2017, chief operating officer in 2019 and has been serving as the interim CEO since February 2023.

"Mark has a well-established track record in retail financial services and the Board believes he will bring expertise and energy to the role. We all look forward to working with him," said SJP chair Paul Manduca.