(Bloomberg) --

A former business partner of the UK’s Secretary of State for Business, Jacob Rees-Mogg, has been appointed as a minister for international trade and the cabinet office.

Dominic Johnson was recently preparing to step down from his role as CEO of Somerset Capital Management LLP, the Financial Times previously reported, noting Chief Operating Officer Robert Diggle would replace him. Johnson co-founded the company with Rees-Mogg.

“We have key person succession plans in all areas of the business, so were well prepared for Robert Diggle to become CEO,” Oliver Crawley, partner at Somerset Capital, said in a statement. “As two founders are no longer involved in the day-to-day running of Somerset, we are looking at re-organising our capital structure to allow an ownership that is focused on incentivising the next generation of talent in the business.”

Rees-Mogg was chased and heckled by protestors in Birmingham, where the Conservative Party Conference started today, PA Media said in a tweet.

(Adds Somerset Capital statement in third paragraph)

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