Digital wealth management and advice firm Nutmeg has cut six members from its board in an effort to “streamline” its management team.
The six members of its executive board made up more than half the total 11 individuals that made up the group, and only three new members are being bought on to replace them.
Former Nutmeg chief executive and co-founder Nick Hungerford stepped down last Friday as part of the reshuffle, along with current chief investment officer Shaun Port.
Port will continue in the position of chief investment officer which he has held since 2012, but will no longer sit on the firm’s board.
Non-executive directors Daniel Aegerter and Nicholas George, who have both been on the board for seven years also stepped down last Friday, along with directors Tim Bunting and Meng Huang.
Speaking to Money Marketing Nutmeg chief executive Martin Stead says the firm is “streamlining” ahead of its expansion plans and will bring three new directors on board as replacements.
The reshuffle will leave eight members on the Nutmeg board.
Stead says: “Over the past three years Nutmeg has transformed from start-up to scale-up, growing to become the fifth largest wealth manager in the UK. As well as continuing to scale our UK retail business, this year we will also launch our business-to-business offering and expand internationally.
“To support the company through a period of new challenges, we have created a streamlined board to provide strong independent governance and oversight, while also representing the interests of a range of shareholders.
“Therefore, we are welcoming three new experienced directors to our board, who will join five existing directors, and six directors have stepped down.”
The business has seen a raft of activity lately following the launch of its flat-fee advice service four months ago.
This includes debut of a 100 per cent cash option for its stocks and shares Isa and the launch of a new environmental, social and governance-focused portfolio range.
Nutmeg also secured £45m in a Goldman Sachs funding round for planned international expansions in January.
Despite being the biggest Europe’s robo-adviser, Nutmeg reported £12.4m loses for 2017, up from £9.4m the year before.