A change in leadership is taking place at North East wealth management business True Potential after CEO Daniel Harrison announced plans to step down.
Mr Harrison is stepping down after seven years in the top job. The move is part of a planned transition first launched when the Newcastle business sold a majority stake private equity firm Cinven three years ago, in a deal that reportedly valued it at £2.5bn.
He and his father David Harrison co-founded the firm in 2007 and it has since grown revenue to more than £163m. Under Mr Harrison’s leadership True Potential has also won 81 industry awards and donated £25m to charities through its partnership with the Harrison Foundation.
Mr Harrison said: “While I understand this news may come as a surprise, I want to assure everyone that this decision was made with the future of True Potential in mind. Since partnering with Cinven, we have focused on developing a strong executive team that is well-prepared to lead the firm into the future. I am confident that True Potential is in excellent hands.”
Gerry Mallon, chief executive of Tesco Bank, has been named as Mr Harrison’s replacement. He will join True Potential as CEO in early 2025, subject to regulatory approvals. In the interim, Jeff Casson, CIO, will undertake the role of interim CEO.
Mr Mallon brings a wealth of experience in financial services having been in the top job at Tesco Bank for over six years and he was also a member of the Tesco PLC executive committee. He was previously chief executive of Ulster Bank Ireland and before that CEO of Danske Bank Ƶ.
He said: “I’m delighted to be given the privilege to lead True Potential for the next exciting chapter of its growth. I am looking forward to building on the impressive work of Daniel Harrison and his fellow co-founders and to working with the highly talented team of colleagues to continue to help our clients do more with their money.”
