Mattioli Woods chief operating officer Mark Smith and employee benefits managing director Alan Fergusson are stepping down from the board.
Both Smith and Fergusson will stay on the executive team.
A statement from the company says the move follows “internal and external reviews of the effectiveness of the plc board, its sub-committees and the group’s senior executive management framework”.
The board is now made up of: independent non-executive chair Joanne Lake; chief executive Ian Mattioli; group managing director Murray Smith; chief finance officer Nathan Imlach; and non-executive directors Anne Gunther and Carol Duncumb.
As well as Mark Smith and Fergusson, Mattioli, Murray Smith, Imlach, chief business officer Sara Andrews and chief investment officer Simon Gibson form the executive team.
Mattioli says: “The board and its senior management team have been looking at how the needs of the group should be governed, led and managed so that it can continue to grow and develop as a listed financial service business ensuring great client outcomes.”
“We believe the change gives greater balance between the plc board and [the senior management team], reducing the duplication of work and controls and setting up the business structure to compete successfully for the next phase of our growth.”