Wealth manager and Financial Planning firm Tilney has appointed former RAC CEO Chris Woodhouse as its new chief executive to replace Peter Hall who is stepping down after seven years.

Mr Woodhouse has a long track record with several major High Street and national brands including Debenhams, Homebase and restaurant groups as well as recent experience in financial services, particularly with the RAC.

He takes over from Mr Hall who oversaw a period of rapid growth at Tilney which acquired rival wealth managers Towry and Bestinvest and Ingenious Asset Management during his tenure. Mr Hall will become an adviser to investment firm Permira and pursue investment opportunities in global wealth management.

Tilney is responsible for £23bn in client assets and part of the group has a history which dates back more than 180 years. Its HQ is in Mayfair, London, and the group employs over 1,000 staff in 30 offices around the UK.

Until February Mr Woodhouse was CEO of the UK motoring and financial services group RAC, a role he held for five years.  One of his key focuses at the RAC was to improve customer engagement through digital technology and expansion of the RAC’s financial services, a move which doubled profits. He has previously held senior management roles in a number of well known UK brands including deputy CEO and finance director of Debenhams and commercial director and deputy CEO of Homebase. He is a Fellow of the Institute of Chartered Accountants and an Associate of the Association of Corporate Treasurers.

He is also a former chairman of Agent Provocateur, a luxury lingerie brand, and the restaurant group Gondola which operates Pizza Express, Zizzi and ASK and employs more than 15,000 people.

Will Samuel, chairman of Tilney, said: “We are delighted to welcome Chris to Tilney where his career and experience working with some of the UK’s most recognisable brands will bring real value to Tilney’s already strong market position.

“I would like to thank Peter for his major contribution to the development of the firm. Peter has served as chief executive of Tilney since 2010, leading the organisation through a period of rapid growth. He has been responsible for the successful integration of the Tilney, Bestinvest, Ingenious and Towry businesses to create one of the leading wealth management firms with over £23bn of client assets and an excellent reputation."

Mr Woodhouse said: “Tilney is a business that has built a leading position within a highly competitive market, and I am thrilled to be joining. Its success today is a result of bringing together some of Britain’s most respected brands in the wealth management space, with a very high calibre team of professionals and by offering a broad range of services that span Financial Planning, investment management and an online investment service.

“Recent changes in in the landscape for pensions mean there is a need for high quality financial advice, investment management and guidance which puts the customer first. I believe there is a real opportunity for Tilney to deliver even greater value to customers and I look forward to working with the team as we enter the next exciting phase”.