Ken Randall, executive chairman and co-founder of Randall & Quilter Investment Holdings (R&Q), has notified the board of directors his intention to retire as executive chairman and step down as a director of the company with effect from 31 March 2021.
This comes after his announcement at the start of this year about his plan to retire.
As part of R&Q’s management succession plan, William Spiegel has been appointed executive director and deputy group chairman with immediate effect. He will then take on the role of executive group chairman when Randall steps down with effect from 1 April 2021.
Randall co-founded R&Q in 1991 alongside Alan Quilter, with the company playing a pioneering role in the growth and development of the then nascent legacy market and is now worth over $800bn, according to PwC.
Commenting on his departure, Randall said: “Today, the opportunities for R&Q are arguably the greatest since I founded the business with Alan [Quilter] nearly 30 years ago as the significant secular growth in our two core markets, legacy and programme management, continues to accelerate. In addition, the strength of the management team we have built gives me great confidence in our ability to capitalise on these opportunities.”
“R&Q has always been a business that combines entrepreneurialism, boldness and innovation and, in William [Spiegel], I am delighted to have identified a successor who encapsulates these values. Since his joining in January I have been deeply impressed with William [Spiegel]’s energy, drive and vision, reinforcing my confidence in him as the right individual to take R&Q forward when I retire.”
“I am hugely proud of the business R&Q has become, but I will save my thanks and reflections until next April. While, as both a co-founder and major shareholder, this smooth succession gives me great comfort, my focus today remains very much on delivering against the ambitious plans we have,” Randall added.
Spiegel noted: “It will be a great honour to succeed Ken [Randall], a true pioneer and genuine legend in our industry. I look forward to properly celebrating all Ken [Randall] has achieved in nine months’ time, but in the immediate term I know he would not want to distract focus as we look to build on a record 2019.”
He continued: “Ken [Randall] has been instrumental in creating a unique business in R&Q; I’m excited to accept the challenge and responsibility of building on its culture of success and look forward to continuing to work closely with Ken [Randall] over the coming nine months to ensure a smooth transition while benefiting from his unrivalled experience."