Current chairman and founder Mike Howard will be standing down as chairman as a result but will remain on the board as an executive director.
In a company statement, Transact said: “In line with corporate governance best practice for listed companies, founder and current executive chairman Mike Howard will be relinquishing the chairmanship as the company prepares for listing in 2018. Mike will remain on the board as executive director.”
Mr Snowball said: “I am looking forward to working with the team at Transact. They have built a very impressive business in an attractive market segment and taking it to a listing and beyond will be an exciting opportunity.”
Mr Howard said: “I am very pleased to welcome Patrick on board. His extensive experience and knowledge of financial services will be a tremendous asset as we embark upon the next stage of our corporate journey.”
Transact provides a wrap platform popular with Financial Planners and UK IFAs. It holds £27 billion in investments on its platform on behalf of 146,000 clients of 5,900 financial advisers.