According to the Nutmeg chairman Craig Anderson, the decision follows a record-breaking tax year end and a new level of scale, for the business.
"It’s time for us to gear up for our next stage of growth,” Anderson explained, before announcing that chief revenue officer, Martin Stead, would become the second CEO in the company’s history.
Hungerford who has held the CEO title since the investment management business's inception five years ago, will now assume the role of non-executive director of Nutmeg.
Before joining Nutmeg, Stead sat on the B2C executive team at EDF Energy where he oversaw a variety of functions, including new customer acquisition, product development and digital sales.
Hungerford lauded the choice of Stead as CEO: “I am convinced that he has the skills necessary to lead Nutmeg, tackle the day to day challenges and deliver on our vision for customers. Most importantly Martin has passion and conviction in our mission and that makes this appointment an easy one.”
“My role at Nutmeg is geared toward building the brand, developing the vision and making sure Nutmeg has a voice among its peer group. I look forward to assuming my new role and I’m delighted that Martin has agreed to take on the role of CEO...Under Martin’s leadership, Nutmeg 2.0 will transform financial advice and the relationship that Europeans have with their money,” Hungerford said.