Fintel, the parent company of SimplyBiz and Defaqto, has announced that its joint CEO, Neil Stevens, has decided to step down from the role.

The company will now move to a single CEO structure, with current joint CEO, Matt Timmins, to take sole responsibility moving forward.

Stevens will step away from his executive responsibilities on 30 June and will not stand for reappointment to the board of directors at the Fintel AGM.

Following the AGM on 20 May, Timmins will start in the role of CEO, supported by the company’s chief financial officer, David Thompson, together operating as executive directors of the group.

Fintel said its board remains “highly positive” on the forward prospects for the business this year, and that the orderly nature of the transition underlines both the “executive strength” held within the business, and the “quality of its succession planning”.

Non-executive chairman of Fintel, Phil Smith, said: “Since our market listing in April 2018, the structure of joint CEOs has worked effectively for the company, allowing us the capacity to execute our multi-strand strategy. It also provided us with embedded succession planning in the event that either incumbent was to leave to business.

“In Matt Timmins, we have an exceptional leader who is fully equipped to lead our business over the next phase of our strategic growth. Our strategy is firmly set and we are focused on executing it at pace to deliver returns for our shareholders.”

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