Mr Vickers will be Tenet's third CEO in 14 months after Ms Ball replaced previous CEO Mark Scanlon in March 2023.

Mr Scanlon and CFO Martin Tyler both stepped down just over a year ago.

Tenet said that following a strategic review and recent sale of part of the business, Ms Ball, who has been with Tenet for 13 years, agreed with the board that it was the right time to stand down.

Tenet recently sold Tenet’s Wealth & Investment Network to the Openwork Partnership and TenetLime, its mortgage and protection advisory network, to LSL Property Services.

Mr Vickers joined Tenet in February 2023 and has held senior roles at Sainsbury’s Bank, National Australia Bank and HSBC as well as roles focused on business transformation and remediation at The Co-operative Bank, Capgemini, Somerfield and Home Retail Group.

Tenet says he will focus on “operational priorities” following the closure of Tenet’s networks. He has been working closely with Ms Ball over the past 12 months and she will stay with Tenet until June to support in the transition to new leadership.

Phillip Hilling, chairman of Tenet, said: “We are pleased to announce Stephen’s appointment as CEO and believe his skills and experience combined with his strong understanding of Tenet, makes him the right person to lead the business through its next strategic phase.  

“Helen has done a fantastic job in achieving positive outcomes for all our stakeholders following the completion of Tenet’s strategic review, and under Helen’s leadership, we have secured well-established, successful businesses with matching cultures for our customers and their advisers.”

Ms Ball said: “It has been a privilege to work alongside my colleagues at Tenet for the past 13 years and, most recently, steer the group through its strategic review and the transactions that we believe provide our advisers, customers and employees with positive futures. The time is right for someone else to take over the reins at Tenet and I am pleased to hand over to Stephen, who I know will lead the business with passion and determination. I am very proud of everything we have achieved and after a short break I’m looking forward to a new challenge.”

Mr Vickers said: “Helen and I have worked closely together over the last year and now we have reached a key strategic milestone in the Tenet story thanks to Helen’s leadership, I am delighted to be handed the baton and take the group into its next phase. With the support of our highly experienced senior management team, I know we are well positioned to continue providing strong and valuable services to our clients.”