Quilter plc became a standalone listed company June 2018 as part of a major break-up and overhaul of the group which saw a number of rebranding changes.

Mr Tookey plans to return to a non-executive career to enable a “better work-life balance” says the company. Mr Tookey’s next career move has not been disclosed but he will pursue “a plural career.”

He currently holds a non-exec director role at Nationwide Building Society.

He approached the Quilter board about making a career change and will leave the business at the end of April 2019. 

Mr Satchel has been with Quilter and on the predecessor company Old Mutual Wealth’s Executive Committee for many years.

He has worked closely with Mr Tookey over the last two years on the preparation for the listing. 

Glyn Jones, chairman of Quilter plc said:  "I would like to thank Tim for his very significant contribution to the creation of Quilter.  We are sorry to see him go but he leaves with our best wishes for the future and his return to a plural career. 

“The board is delighted to appoint Mark Satchel to succeed Tim.  Mark is very well known to the board and highly regarded.  He has worked closely in partnership with Tim so we are confident of a smooth transition and continuity on key initiatives."

Paul Feeney, chief executive, said:  "Tim has made a great impact during his time with Quilter and played an instrumental role in preparing and delivering our listing.  Whilst I am sorry that we will be losing Tim, I am delighted that we have such an able successor in Mark. I have worked alongside him for many years and I am confident that he will be a very effective and talented CFO." 

• Editor's note 02.11.18. Correction - Mr Tookey holds a non-exec director role at Nationwide Building Society, not NatWest as earlier stated. Apologies for the error.