The Tenet Group has appointed Stephen Vickers as chief executive following the departure of the group’s current head Helen Ball.
Vickers, currently the group’s programme director, joined Tenet in February 2023 and has previously held roles at HSBC and the National Australia Bank.
Tenet said following its review and the sale of its wealth and investment network and TenetLime to The Openwork Partnership and LSL Property Services respectively in August 2023, Ball agreed with the board it was the “right time” to step down.
She will stay with Tenet until June 2024 to support the transition as Vickers begins to focus on the operational priorities following the closure of Tenet’s networks.
Ball said after 13 years with Tenet she was proud of what she had achieved with the group and was “looking forward” to a new challenge.
Vickers said: “Ball and I have worked closely together over the last year and now we have reached a key strategic milestone in the Tenet story thanks to Ball’s leadership.
“I am delighted to be handed the baton and take the Group into its next phase. With the support of our highly experienced senior management team, I know we are well positioned to continue providing strong and valuable services to our clients.”
This comes after the group announced last year (August 2023) it was planning to make a small number of redundancies as a result of the closure of its wealth network.
While the business anticipated there would be a small number of redundancies, it was looking to minimise this and was looking to communicate this with its staff.
The decision for the closure of the network came following a strategic review, which Tenet said was a result of significant changes in the industry.
This included external forces such as consolidation, increased regulation, digitisation, new technology expenses and the broader inflationary environment.
This situation led Tenet’s board to appoint an external adviser to explore options for the group, for the benefit of all stakeholders.
The strategic review concluded that a transformation of the group was necessary to secure the required scale and diverse revenue streams to remain viable.
alina.khan@ft.com
