Advice network Tenet Group has appointed Mark Scanlon to succeed current chief executive Martin Greenwood.
New Model Adviser® revealed Tenet originally started searching for a replacement for the retiring Greenwood last June.
It has now appointed Scanlon (pictured) to take the reigns of the group, which includes advice network TenetConnect, mortgage and insurance network TenetLime and national advice firm Aspire Financial Management, when Greenwood steps down in spring this year.
Previously chief executive of AIM-listed employee benefits services provider Personal Group, Scanlon has also held senior positions at Dyson and BAE Systems.
Greenwood joined the network in 2000 as a non-executive director. He succeeded Tenet's founder Simon Hudson as interim chief executive in 2011, before being given the role on a full-time basis in 2012.
As chief executive Greenwood steered Tenet through a period which proved difficult for advice networks, after the retail distribution review changed the shape of advice in the UK. Sesame closed its pension and investment network in 2015, while Caerus was bought by Intrinsic, which itself was acquired by Old Mutual Wealth in 2014.
Greenwood said his departure followed the creation of a five year business plan for Tenet that aims to grow the business.
‘The plan provides great clarity on the future direction of the group, including significant investment in IT and compliance delivery. However, I will be 70 by the end of those five years so have decided that now is the most appropriate time to hand over the reins.
'I am confident that the team, led by their new chief executive, will deliver on these future goals and I would like to thank them and the rest of Tenet’s staff and advisers for their support during my time at the helm,’ Greenwood said.
Scanlon said Tenet was a 'forward-looking organisation' that was supported by its three major shareholders: providers Aviva, Standard Life and Aegon.
'I’m excited by the opportunities facing the group, as it continues to meet the evolving needs of the intermediary market,' he added.