The co-founder of investment platform AJ Bell has been handed a £150,000-a-year job to act as a consultant for the firm after stepping down as its chief executive.
Andy Bell's departure as CEO of the Salford-headquartered business was announced in June.
He has been succeeded by Michael Summersgill who has been with the company since 2007 and had previously served as its deputy chief executive.
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Mr Bell had been AJ Bell's CEO since he co-founded the business in 1995.
Now, in a new statement issued to the London Stock Exchange, the company announced that its wholly owned subsidiary, AJ Bell Business Solutions, has entered into a consultancy agreement with Mr Bell's Blythe Business Services.
Under the terms of the deal, Blythe Business Services will be paid an annual fee of £150,000 for Mr Bell to act as a consultant for no less than 48 days a year.
The update comes after AJ Bell has had talks with the Financial Conduct Authority (FCA) over the need for "a clear distinction between the executive and non-executive roles".
In a statement issued on September 27, the company said: "Since announcing Andy's intention to step down as CEO, we have had constructive discussions with the FCA about the need for a clear distinction between the executive and non-executive roles in a regulated firm and the risk to effective board governance that would arise if a founder CEO with a significant shareholding remained on the board after stepping down as CEO.
"The FCA have indicated that they consider their stance to be consistent with previous messages given to other regulated firms and is no reflection on the fitness and propriety of AJ Bell or Andy, who will remain as CEO until the end of September.
"The board has agreed with Andy that whilst he remains a significant shareholder, he will retain the right to nominate a non-executive director to represent his interests as a major shareholder on the board."
At the time, Mr Bell added: "I accept the regulator's views and as a result have decided to step down from the board in order that I can continue the journey I started 27 years ago, supporting the business in the most effective way I can.
"My focus will be on helping to build the AJ Bell brand as well as continuing to support AJ Bell's campaigning and lobbying efforts on behalf of retail investors and financial advisers.
"I have complete confidence in the board, Michael and the wider management team and remain a committed long-term shareholder."
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