LONDON (Reuters) - British wealth manager Quilter
Tookey's decision follows the successful listing of Quilter on the FTSE 100 <.FTSE> as a standalone company in June as part of the break-up of Anglo-South African insurer Old Mutual.
Following the listing, Tookey had told the board he wished to step back from his executive role to achieve a better work-life balance, Quilter said in a statement.
Tookey will leave the board on March 13 and leave the business at the end of April.
Satchel, whose appointment is subject to regulatory approval, had worked closely with Tookey preparing the company for listing and had been a "pivotal member" of the Old Mutual Wealth executive committee for many years, Quilter said.
"Mark is very well known to the board and highly regarded. He has worked closely in partnership with Tim so we are confident of a smooth transition and continuity on key initiatives," Glyn Jones, Chairman of Quilter, said.
(Reporting by Simon Jessop. Editing by Jane Merriman)