The Openwork Partnership has confirmed Richard Houghton has stepped down as CEO, with executive chairman Philip Howell taking over as interim CEO.
Duncan Crocker will take on the role of chairman while the network told Health & Protection the process of recruiting a new CEO would begin shortly.
A spokesperson for Openwork confirmed the changes in CEO and chairman – but said there would be no further comments at this time.
The development follows shortly after Openwork partners voted in favour of a £120m investment from Bain Capital, giving the investment fund a 30% stake in the partnership business.
Houghton joined Openwork as chief financial officer in July 2020, and became CEO in January 2023.
Howell (pictured) is now listed as the new CEO the Openwork website, having joined in March 2020 with a background in financial services and wealth management.
Following an early military career, Howell worked for 24 years in investment banking and private banking with Barclays Group, including assignments as regional CEO of SE Asia and of South Africa, and as head of strategy and corporate development.
Post-Barclays, Howell focused on the wealth management sector for more than 15 years, serving as CEO of Fortis Private Banking, Williams de Broe and latterly Rathbones Brothers, where he spent five years as CEO.
According to reports, an email to staff said with Bain Capital as its new partners the partnership was “commencing detailed planning for our inaugural year together” with further updates due at its conference in January.
