UK-based digital wealth manager Nutmeg has announced that its CEO Martin Stead will step down early next year.
Stead will hand over his responsibilities to the company’s chief financial and operating officer Neil Alexander.
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A French citizen, Stead joined Nutmeg in 2015 and became its CEO a year after in May 2016.
On his departure, Stead said: “Nutmeg’s mission is as important today as it was when I joined in 2015.
“Being entrusted with the stewardship of Nutmeg and leading a world-class team of passionate Nutmeggers every day, has been the greatest privilege and responsibility of my life.”
Stead’s exit comes at a time when Nutmeg’s loss margins further increased.
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By GlobalDataIn October 2019, the company announced that its 2018 losses stood at £18.6m ($24.3m), up from £12.4m in 2017. Operating expenses rose to £22.7m from £17m over the same period.
Nutmeg operates as an online discretionary investment management firm.
In January this year, the company secured financing from Goldman Sachs in a £45m investment round. The proceeds were aimed at supporting its international expansion and enhancing its product portfolio.
Subsequently, Nutmeg opted for crowdfunding to raise funds and boost its profitability.
The company also partnered with Taipei Fubon Bank this April in a bid to expand into Asia.
