Wealth management firm True Potential has appointed Andrew Sibbald as chairman after founder David Harrison announced he would be standing down.
Sibbald has been deputy chairman at True Potential since April and is currently managing director and co-head of Europe at private equity firm Warburg Pincus as well as vice-president of Save the Children UK.
Before this he was chief executive of Evercore’s European investment banking business.
Sibbald said: “True Potential’s growth has been exceptional. The company has become a leader in the wealth management sector and it is a genuine privilege to have taken over as chairman from Sir David who has been such a huge contributor to True Potential’s success and innovation in the industry generally.”
Last week, FTAdviser revealed Harrison would be leaving the role but will remain involved in the business as strategic adviser to the board and as a major shareholder of True Potential.
A company spokesperson told FTAdviser the move had been more than two years in the making, and was part of the next evolution of True Potential as a company.
Harrison's son Daniel will remain as chief executive, a position he has held since 2018.
As part of the changes, True Potential has appointed Karina McTeague and Stephanie Bruce as independent non-executive directors to further strengthen the company's governance.
McTeague has previously served as chief risk officer at Visa Europe, Lloyds Banking Group in North America and has held senior roles at the Financial Conduct Authority.
Meanwhile, Bruce was most recently CFO at Abrdn and was previously the head of financial services at PwC UK assurance.
Bruce said: “True Potential’s primary focus is clearly the client. This motivated team, while rightly proud of their achievements to date, are prioritising continued delivery for clients in the future.”
The changes follow the recent appointment of Ben Thorpe as chief financial officer.
He had previously been CFO at Brooks Macdonald and head of finance at Brewin Dolphin.
In 2021 True Potential sold a majority stake of its business to private equity firm Cinven for an undisclosed sum.
At the time the firm said the investment would enable it to continue its double-digit growth and develop its investment technology platform.
Until 2019 True Potential was owned by American private equity firm FTV Capital but the company bought itself back - though FTV retains a minority stake in the business.
amy.austin@ft.com
