Cirencester-based wealth management company St. James's Place has appointed a new CEO with an annual salary of £840,000.

Mark FitzPatrick has been appointed to the board of directors as chief executive officer designate with effect from October 1, 2023.

SJP says Mark's appointment follows an extensive and robust selection process by the group nomination and governance committee, considering both internal and external candidates. Subject to regulatory approvals, Mark will assume the role of chief executive officer on December 1, 2023.

Mark will succeed Andrew Croft, who has been with St. James's Place since 1993, serving as its chief financial officer from 2004 to 2017 and as chief executive officer since 2018. Andrew will step down as a director of the company on December 1, 2023 following an orderly handover and will remain with St. James's Place into 2024 to assist the business as required.

Mark was group chief executive officer of Prudential plc on an interim basis until February 24, 2023. Prior to this, he was the chief financial officer of Prudential from 2017 to 2022, becoming chief operating officer also in July 2019. During this period, Mark was a member of an executive team which transformed Prudential into a saving, investment and insurance business focused on Asia and powered by digitally enabled face-to-face advice.

Before joining Prudential, Mark was a managing partner at Deloitte, a member of the executive committee and vice chairman between 2011 and 2015. He previously led Deloitte's insurance and investment management audit practice and its insurance industry practice.

Mark is also a non-executive director and chair of the audit and risk committee of Scottish Mortgage Investment Trust PLC and a trustee of the British Heart Foundation.

Paul Manduca, chair of St. James's Place, said: "I am delighted to announce the appointment of Mark FitzPatrick as SJP's next chief executive officer. 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.

"On behalf of the board, I would like to thank Andrew for his unwavering commitment to St. James's Place over the last 30 years. During his tenure as chief executive officer since 2018, client funds under management have grown to £157.5 billion, cementing our position as the leading financial advice and wealth management business in the UK today. Andrew will be greatly missed by everyone at SJP, and we wish him our very best in his retirement."

Andrew Croft said: "I am immensely proud of all we have achieved at St. James's Place. Having joined the business over three decades ago, I can see just how far we have come. From a start-up in 1991 to a FTSE100 company today, St. James's Place has transformed the wealth management industry by providing trusted face-to-face, personalised advice.

"Our success is down to the depth and quality of the partnership and the enduring relationships they forge with clients to deliver great consumer outcomes. It has been a great privilege to work with everyone within our broad St. James's Place community, and I wish Mark and the business every success in the future."

Mark FitzPatrick said: "St. James's Place is a business full of people who are passionate about helping families and individuals secure their financial futures. The distinctive quality of the service provided by its partners is more important now than ever, and I cannot wait to join the team.

"By continuing to do the right thing for clients and adapting with agility to our fast-changing world, I am confident that St. James's Place will be in a strong position to create value for all stakeholders in the years to come."

Mark will receive an annual salary of £840,000 and a pension allowance of 10% of salary, which is aligned to the pension allowance for the group's workforce. He will be able to participate in the company's annual bonus plan and long-term incentive plan, consistent with the terms of the Directors' Remuneration Policy approved by shareholders.

St. James's Place was ranked in 8th place in Punchline's list of the Top 100 companies in Gloucestershire last year, employing more than 1,100 people.

• Punchline has approached St James's Place for a picture of Mark FitzPatrick as none was supplied with the original media statement.