British lender Close Brothers named Mike Morgan as its new group CEO on Tuesday, and said that Chief Executive Adrian Sainsbury would leave the company to focus on his health after a period of medical leave.

Close Brothers Group said its Chief Executive Adrian Sainsbury stepped down from the role for health reasons and will be replaced by its finance chief Mike Morgan on a permanent basis. The U.K. merchant bank said Tuesday that Sainsbury left the top job and his position as executive director on Monday.