Tim Jones is stepping down as chief executive of Nest to pursue the development of a global digital money product to be launched in 2016.
Jones, who has led Nest Corporation and its previous incarnation PADA for almost eight years, will steer the organisation through the 2015 peak, but will leave before micro employers reach their staging date.
Jones says: “After almost 8 years as CEO of PADA and then Nest, the time is right for me to pursue a longstanding ambition to develop a global digital money product. I’m very proud to have played a part in establishing Nest, and helping millions more people to save for their retirement. I will of course continue to monitor Nest’s progress as the story develops.
“By giving early indications of my intentions I hope I’ve demonstrated my on-going commitment to Nest and my desire to help ensure a smooth transition. Rest assured that I will continue to devote my energies enthusiastically to lead NEST through the challenges of 2015.”
Nest chair Otto Thoresen says: “As the first CEO of Nest Tim has done a fantastic job. He has successfully taken Nest from the early stages of development through to the first key stages of delivery and established Nest as an integral part of auto enrolment in the process. Tim’s long standing interest in digital money is well known and we all wish him every success with his new project. In the meantime, I am grateful to Tim for giving us advance notice of his intentions and allowing for an orderly transition.
“Tim will be leaving Nest at the end of an important chapter, but there are many more exciting chapters still to come. I look forward to working closely with the team at Nest over the next few months as we get ready to welcome a new CEO and see the next stages in the story of auto enrolment unfold.”