Openwork has appointed Kate Avery as temporary executive chair to oversee the formal process for securing a replacement for Martin, who has made a significant contribution to the development of the network since his appointment in July 2009.
The new chief executive will be tasked with progressing Openwork’s proposition strategy, under which network advisers have the choice of operating a single-tie model, a multi-panel multi-tie model, or a whole of market IFA model. Openwork recently secured the terms of a major financial restructuring that will enable the network to execute this strategy, while funding its ambitious growth plans and securing greater value for all shareholders, including its owner-advisers².
Openwork bolstered its proposition last year with the acquisition in September of leading independent advice firm 2plan Wealth Management, while in the past 12 months the network has launched three new product panels, enhancing the choice available to advisers.
Openwork marked the next stage of its growth phase in February 2011 with the appointment of two national development directors, as part of plans to develop the network’s organic growth in the run up to the RDR.
Kate Avery said: “It is with regret that we see Martin depart the business but we are pleased to say he leaves us in a very strong position, with a clear strategy for long-term growth, a strong executive team and the financial support we require to thrive in a post-RDR world.
“We expect to announce his replacement in the near future but the Openwork Board and I would like to take this opportunity to thank Martin for his hard work and dedication, and to wish him all the best in his new role.”
Martin Davis said: “I have greatly enjoyed my time at Openwork and I am very proud of the achievements the executive team and I have made over the past 18 months or so.
“Leaving Openwork was not something I was seeking to do but I could not resist the challenge of assuming a new position in an exciting and rapidly developing sector. Openwork has everything in place to continue to be a leading network over the coming years and I wish the business well as it embarks on the next stage of its growth and development.”
