Thank you Nathan Bell, hello James Carlisle

Succession planning is a subject that bounces around every boardroom, reflecting the long term competency of the company and its strategy. For outsiders, it offers a rarely available glimpse into the heart of company decision making.

Having groomed a number of potential successors, an untroubled, confident and strategically-driven business will typically make an internal appointment to the corner office; not always, but usually. One at a crossroads, and perhaps suffering from past poor decisions, will typically call on new blood.

Grant O'Brien's recent departure from Woolworths, and the company's expressed preference for an outsider replacement, is perhaps the most recent example. Businesses that have erred want to draw on a different gene pool from the one that caused the problems. With Nathan Bell leaving our business in great shape and the research team stronger than ever, we don't have this problem at Intelligent Investor.

So while we're sorry to see Nathan Bell, our research director for the past few years, leave, we're delighted to be able to replace him with such a strong internal candidate in James Carlisle. In the language of succession planning, this is the epitome of a 'smooth transition'.

Nathan guided our research team through the aftermath of the GFC with confident aplomb. Perhaps most notable was his focus on cheap blue chip stocks at a time when others were passing them by, and his almost perpetually anxious frame of mind – he didn't earn the nickname Short Sell Bell for nothing. Nevertheless, Nathan never let an inherent pessimism inhibit action. His mindset wasn't just appropriate for the period, but for the successful practice of value investing per se.

In his place steps someone with a similar frame of mind who has been with Intelligent Investor almost as long. James Carlisle originally joined us in 2003 as an analyst from Motley Fool in the UK but left for the Australian Financial Review in 2009. But he couldn't keep himself away, re-joining as a senior analyst in 2012. Now he steps into the Research Director's chair, backed by impressive qualifications and experience.

What difference will his appointment make?

Well, James has value investing in his blood, is well schooled in its practice and knows the philosophy and skills required to perform in his new role extremely well. Moreover, his writing and communication ability, plus his approach to valuation, have long been appreciated by the team and, we trust, our members.

James isn't just aware of how we do things at Intelligent Investor, he's been an intimate part of it for many years. He also brings with him experience of working as Head of Research for two private client fund managers in the UK and is a qualified financial advisor in both the UK and Australia.

All of which is to say you're in good hands, backed up by old hands like yours truly, the newly returned James Greenhalgh, an Intelligent Investor stalwart of many years standing, and Gaurav Sodhi. And that is not to forget the more recent additions including Graham Witcomb, Jon Mills and our newest team member, Andrew Legget.

It's the value investing philosophy and our approach - of putting the interests of members first - that has made Intelligent Investor what it is. People that lack that appreciation tend not to last, all of which is to say that this change is one of personnel, not style or approach. So, in the words of the military, 'as you were'.

If you would like to leave your best wishes and comments for Nathan and James in the section below, please do so. We'll make sure your messages reach them. Once again, thank you Nathan and congratulations James.