Progeny Group founder Neil Moles is to step down from his role as CEO and become a non-executive director, in leadership changes for expanding adviser group with offices in the UK, UAE, Singapore, Hong Kong and Belgium.
In a statement today (28 January), Moles (pictured above) said Tom Wood is to be the new group CEO and Bobby Ndawula will be group CFO.
Since 2008 when Moles led the MBO of what is now Progeny Group, his leadership and drive has seen Progeny establish itself as a pioneer in the industry; that combines market leading capability across chartered financial planning, asset management, tax advice and a breadth of legal services including private and corporate clients, the statement said.
In the past three years the Group has scaled significantly and at pace; with over £9bn in assets under management and over 700 colleagues across its UK and overseas offices.
Moles will continue to work closely with the team as a non-executive director and president of the group.
He said these management appointments represent the culmination of planned leadership evolution that commenced in 2024 with the appointment of Tom Wood as CFO, the hiring of Tim Gillman as COO and the appointment of Ewen Stevenson as chair, “designed to ensure that Progeny has a best-in-class management team as it continues to scale the size and scope of its operations”.
Moles said: “Having founded and led the Group for over sixteen years, I have decided after much reflection to step down from my role as CEO and become a Non-Executive Director. This decision, while difficult, is the right step for me, my family, and ultimately for our business. I have huge pride in and gratitude for the team that I have worked with over many years and without whom Progeny would not be what it is today.
“I’m delighted to confirm that Tom will succeed me as CEO. He is ideally suited to lead the next phase of growth and has been our CFO since February 2024. Tom brings a wealth of experience, ambition and strategic focus to Progeny Group. His proven track record leading successful and dynamic growth in regulated financial services gives me real confidence in the future.
“It is really pleasing that we can also announce the appointment of Bobby Ndawula as Group Chief Financial Officer. Previously the Group CFO of Skipton Group, Bobby is highly experienced across financial services and his arrival further strengthens our executive team.
“In my capacity as a significant shareholder and Non-Executive Director I plan to remain actively involved with Progeny on a go forward basis and look forward to supporting Tom and the team.”
Tom Wood (pictured below), incoming group CEO said: “I am honoured to take on the role of CEO at Progeny Group. Neil has built an incredible company, and I am excited to lead it into its next chapter of growth and innovation. I am also delighted to welcome Bobby to the Group.
“He brings extensive experience in financial services, having, until recently, been the CFO of Skipton Group. I very much look forward to working with him in the continued growth and development of Progeny.
“We have fantastic opportunities ahead and our focus will remain on delivering exceptional value to our clients through comprehensive wealth management, tax and legal advisory services.
“I want to ensure that we continue our commitment to staying at the forefront of the industry and meeting the evolving needs of our clients. We have 700 fantastic colleagues whose contribution is at the heart of our development.”
Bobby Ndawula (pictured below), incoming group CFO said: “I’m delighted to be joining the team at Progeny, with its unique multi-disciplinary proposition and excellent client service.
“I feel the company shares my passion for building and coaching inclusive, high performing teams that create and deliver value for clients and stakeholders.”
Ewen Stevenson (pictured below), chair of Progeny Holdings Limited said: “I am delighted to have people of Tom and Bobby’s calibre and track record to lead Progeny Group into our next phase of growth. I would like to thank Neil for his outstanding dedication to the Group, having successfully built Progeny to what it is today. Neil remains committed to the business, and I look forward to continuing to work with him on the next phase of growth.
“As Progeny Group embarks on this new chapter, the company remains dedicated to its core values of innovation, client-centricity, and excellence. With Tom at the helm and Neil’s continued involvement, Progeny Group continues to be well-positioned to deliver outstanding results for its clients.”
Appointments are subject to regulatory approval.