Kingswood Holdings has revealed its first seven partners under its new partnership structure.
The new model was rolled out over the last few weeks, culminating in the creation of the seven partners, who are appointed managing directors at the wealth firm.
The seven partners are:
Rachel Bailey - head of HR
Graydon Butler - chief operating officer
Nigel Davies - fixed interest management
Patrick Goulding - chief financial officer
David Healy - senior wealth planner
Jeff Hodgetts - associate director
Marc Maddison - associate director
The partners also comprise Kingswood's inaugural executive committee, which will support the board and senior management team in delivering the group's growth strategy.
Kingswood CEO Gary Wilder said in a statement to the market: [Under] our new organisation structure, Kingswood will hold annual partnership elections, adding new and talented partners to the team as we grow. Achieving partnership is meant to be a life changing event for elected members, with a significant portion of compensation for members based on the future success of Kingswood.'
Kingswood has also granted 5 million shares to finance boss Goulding as part of its long term incentive plan. Based on the current share price of 12p, the shares, which vest in 2021, are worth £600,000.
In addition to this, a further 5.35 million share awards have to date been made to other members of senior management.
Kingswood chairman Buzz West said: 'the remuneration committee is keen to ensure that the rewards of the company's senior team are structured to ensure that they will be effective, fair and motivate them to deliver success for the group, its shareholders and employees over the long term.'
The news comes after last month's sudden exit of former Kingswood chief Marianne Ismail (pictured) after just 18 months at the helm.
At the start of this month the firm struck a £3.3 million deal to buy Oxford-based wealth firm Thomas & Co Financial Services and launched a managed portfolio service (MPS).