Salford-based investment platform AJ Bell announced that its former chair Les Platts has been appointed as a “non-independent non-executive director” of the company with immediate effect as part of the firm’s “relationship agreement’ with founder and former CEO Andy Bell.

AJ Bell said it has entered into a “relationship agreement” with Andy Bell under which he is “entitled to certain rights.”

The company said in a stock exchange statement: “As announced when Andy Bell stepped down from the board in September 2022, it was agreed that whilst he remained a significant shareholder he would retain the right to nominate a non-executive director to represent his interests on the board.

“The board is pleased to announce that this agreement has now been formalised, with the company having entered into a relationship agreement with Andy under which he is entitled to certain rights, including the nomination of a non-independent non-executive director for appointment to the board for as long as he and his connected persons hold a significant proportion of the company’s voting rights.

“Pursuant to the Relationship Agreement, AJ Bell is pleased to announce the appointment of Les Platts, who has been nominated by Andy, as a non-independent non-executive director of the company with immediate effect.

“Les, a former Deloitte senior partner, was the chair of the company before stepping down at the conclusion of the January 2022 AGM, having then served for more than nine years on the board.

“Les currently has an interest in 310,447 shares in the company which represents 0.0753% of the issued share capital.”

AJ Bell chair Fiona Clutterbuck said: “I am delighted to welcome Les to the board and look forward to working with him.

“Les’ in-depth knowledge of the financial services sector generally and AJ Bell in particular will further enhance the experience on the Board and help us drive the future growth of the company.”

Platts said: “I am pleased to be joining the board and look forward to playing my part in the continued success of AJ Bell and in supporting the relationship with Andy as a major shareholder.”