Chief executive Cliff Lockyer is to become chairman of national IFA group Berkeley Berry Birch in a board shake-up, with his deputy Stephen Ingledew becoming chief executive.
The group has tried unsuccessfully since the start of the year to attract a non-executive chairman to replace Sir Jeremy Black, who retired at the end of 2002.
The moves, effective from the end of May, follow last week's report in Money Marketing that BBB is conducting a strategic review which could see up to 40 RIs made redundant.
Lockyer has been acting chairman as well as chief executive since January but will now concentrate solely on broader strategy issues while leaving the day-to-day running of the group to Ingledew and finance director Craig Butcher.
BBB says it wants to make sure the composition of its board meets the approval of potential and existing institutional investors and that it meets the standards of UK corporate governance.
Ingledew says: “Institutional investors look at the structure of the board in small companies very closely. We are very keen to ensure that our board is in accordance with the direction of UK corporate governance.”
Aegon head of public affairs Scott White says: “To get individuals who are significant in their understanding of the UK market is important. Institutional investors will be happy with the moves that BBB has made.”