Now Pensions CEO, Troy Clutterbuck, has resigned with immediate effect and been replaced by Patrick Luthi.

Luthi joins as CEO from Cardano, where he was responsible for finance, operations and technology as group CFO. He was also a member of the Cardano Group Management Board.

In February 2019, it was announced that Cardano has agreed to purchase Now Pensions, with the acquisition expected to be completed “later in 2019” once it has been authorised by The Pensions Regulator as part of the master trust authorisation process.

Luthi has been a non-executive director on the Now Pensions Commercial Board since the announcement.

Commenting on the appointment, Now Pensions non-executive chairman, John Rowland, said: “Patrick’s appointment supports the integration of Now Pensions into the Cardano Group. His experience will be invaluable as Now Pensions enters the next stage of growth and development. We’re very pleased to welcome him.

“I’d like to thank Troy [Clutterbuck] for the huge contribution he’s made to Now Pensions both in his role as CEO and CFO. Thanks to his hard work and leadership, the business is on a firm footing and is extremely well placed for the future.”

Luthi added: “Having sat on the commercial board at Now Pensions for several months, I have seen first-hand the great strides that the business has made to consolidate its position as one of the leading master trusts in the UK.

“I look forward to working with the team to build on this success and develop a best-in-class proposition for our clients and members.”

Luthi joined Cardano in 2015 and has over 25 years of experience in finance and has a master’s degree in business administration from Harvard Business School.

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