Ken Davy, chairman of fintech Fintel, is to step down as planned as chairman of the company at its AGM today.

He will be succeeded by current non-executive director Phil Smith, who has served on the board for a year.

Mr Davy will remain on the board as a non-executive director.

In a statement this morning the fintech and adviser support firm said that that its net cash position has increased to £13.6m as at 30 April (31 December: £12.8m).]

Fintel says this provides the firm with the flexibility to take advantage of any acquisition opportunities.

Fintel owns fintech and support services companies SimplyBiz and Defaqto.

Mr Davy said: “I am delighted that Phil is stepping up to succeed me in the role as chair of Fintel. Phil brings a wealth of industry knowledge, leadership qualities and business transformation experience, fully aligned to the strategic direction of Fintel. We are confident that Phil will take Fintel to even greater heights and the board will fully support him in this endeavour.”

Fintel announced in March that Mr Davy would step down as chair.

The firm also noted in March that it was looking at a, “selective M&A pipeline expected to enhance growth in the medium term, underpinned by enhanced financial reserves and strong cashflow conversion.”

Financial Planning Today Comment: Today Fintel founder and industry veteran Ken Davy stands down as chairman of Fintel, marking the stepping back from an eventful and long career lasting over five decades. Fintel (formerly SimplyBiz) is a company Mr Davy founded in 2003 in his early sixties - the latest in a long line of successful business ventures. Until today, Mr Davy has been leading Fintel at an age (81) when many would have retired long ago. His career has been remarkable in many ways. He finished school at 15 with no qualifications and once worked as a P&O ship's photographer. He discovered financial services when he joined Abbey Life and got a taste for the world of money and advice. In the late 1970s he launched DBS, which became one of the biggest IFA network firms. He sold it for £75m in 2001 and launched SimplyBiz (now Fintel) in the early 2000s. In the early 2000s he set up SimplyBiz, providing development, research and marketing services to financial advisers. Over the years Mr Davy has become one of the best known entrepreneurs in the sector and proved to the world, well before most, that adviser firms could be well run, profitable and valuable to acquirers. Away from finance Mr Davy also achieved success in his home town of Huddersfield as owner and chairman of the rugby league club Huddersfield Giants and was the former chairman Huddersfield Town FC. He will remain on the board at Fintel as a non-exec director, keeping an eye on his baby, so he's not retiring completely.

In a business world moving towards MAs, consultants, private equity and complex financial structures Mr Davy has been a reminder that old-fashioned grit, determination and a few good business ideas will get you a long way. Unfailing polite but also tenacious and focused, Mr Davy will leave a substantial legacy and more than a few business admirers.