Financial Planner and professional services firm Progeny Group has appointed Tom Wood as chief executive to replace founder Neil Moles who is stepping back from the business.

Bobby Ndawula, previously group CFO of Skipton Group, will take on Mr Wood’s current role of group chief financial officer. Both appointments are subject to regulatory approval.

Mr Wood became Progeny's chief financial officer in March 2024 after 25 years executive leadership in financial services as a CFO and CEO. He led Shawbrook Group plc through its IPO and entry into the FTSE 250 and co-advised on the recapitalisation of the Co-Operative Bank plc, subsequently leading the restructure of the bank.

He splits his time between Yorkshire and London and has a keen interest in Scottish rugby.

Despite stepping back from day-to-day running of the business, Mr Moles will remain actively involved as non-executive director and president, offering strategic oversight and guidance.

After leading the management buyout in 2008, Mr Moles played a key role in establishing Progeny as a pioneer in the industry. The business now combines Chartered Financial Planning, asset management, tax advice and legal services including private and corporate clients.

Over the past three years, the group has expanded rapidly, managing more than £9bn in assets and employing more than 700 staff across the UK, UAE, Singapore, Hong Kong and Belgium.

The company said the leadership changes are part of a planned evolution that began in 2024 with Tom Wood’s appointment as CFO, the hiring of Tim Gillman as COO, and the appointment of Ewen Stevenson as chair.

Neil Moles said: “Having founded and led the Group for more than 16 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.”

He said Mr Wood “is ideally suited to lead the next phase of growth.” He added: “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 said: “Neil has built an incredible company and I am excited to lead it into its next chapter of growth and innovation. We have fantastic opportunities ahead.”

Bobby Ndawula, incoming group CFO said: “I feel the company shares my passion for building and coaching inclusive, high performing teams that create and deliver value for clients and stakeholders.”

Mr Ndawula has held several senior and board level roles across finance, risk and IT. He started his career at KPMG, where he qualified as a chartered accountant. His most recent role was at Skipton Group, where he was the group chief financial officer. He lives in Leeds and is an experienced non-executive director, and a Trustee of Yorkshire Cancer Research.