Martin Stead, Nutmeg's current chief revenue officer, is being promoted to CEO whilst Nick Hungerford, who cofounded Nutmeg in 2011 will take the role of non-executive director. Nutmeg is an online-only investment manager, but still involves human fund managers at the back end.
Reached by phone, Hungerford played down suggestions of unrest to BI and said a search had been ongoing since before Christmas. He told BI: "This is something we've been working on as a team. What we want to do is make sure we continue to grow as fast as we have been growing." Nutmeg, which has been advertising extensively on the London tube network recently, has grown 37% since the start of the year. The company says in a release announcing the new CEO that it "manages hundreds of millions of pounds for tens of thousands of customers." Hungerford says the new CEO role was about transitioning to the next phase of growth in the business, with Stead's skills more suited for the job.