According to a London Stock Exchange Notice, Sainsbury's stepping down took effect on Monday (6 January).
Adrian Sainsbury has stepped down from his role as Close Brothers group chief executive following a period of medical leave.
According to a London Stock Exchange Notice, Sainsbury's stepping down took effect on Monday (6 January).
Close Brothers CEO takes temporary medical leave of absence
The move was down to allow Sainsbury to focus on his health, with the board adding that "he [Sainsbury] is recuperating well and expected to make a full recovery".
"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," said Mike Biggs, chair of Close Brothers. "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," Biggs added.
In September last year, the group CEO took temporary medical leave of absence from the business, with group finance director Mike Morgan taking over Sainsbury's responsibilities, supported by Biggs and members of the senior management team.
Close Brothers to sell wealth management arm to Oaktree Capital Management for £200m
Following Sainsbury's departure, Biggs confirmed Morgan's appointment as group CEO on a permanent basis, pending 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," Biggs said. "He brings deep knowledge of the organisation and his appointment will ensure continuity in the leadership of the group and delivery of our strategy."
The outgoing CEO said "it has been a privilege to lead the group as chief executive for the last four years", adding that during his tenure 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," Sainsbury added.
