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Openwork chair Kate Avery to step down

Openwork chair Kate Avery is stepping down at the end of the year after heading up the network’s board for over four years.

Openwork says it has identified Avery’s successor, subject to regulatory approval, though declined to name the incoming chair.

Avery joined the Openwork board in April 2009 as non-executive director before being made chair in July 2009.

She previously served as Legal & General group executive director of wealth management for 13 years. Prior to that Avery spent 18 years with Barclays including a stint as managing director of Barclays Stockbrokers.

Openwork chief executive Mary-Anne McIntyre says: “Kate became our chair at a pivotal time for Openwork and has been a vital contributor to our transition through the RDR and our move into profitability.

“Kate’s experience and wise counsel have been huge assets to us over many years and, on behalf of Openwork and her many friends in the business, I would like to thank her for her efforts and wish her every success in the future.”

Openwork posted a pre-tax profit of £321,000 for 2012, while its IFA arm 2Plan reported a £3.8m loss. The network posted a £13.3m loss for 2011, while 2Plan made a loss of £2.6m.

Derbyshire Booth managing director Greg Heath says: “Openwork needs to ensure it looks for someone that can help build relationships with the regulator.”

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