Lloyds Banking Group finance director Steve Colsell is stepping down from his role on the St. James’s Place board in June.
Colsell is currently the sole Lloyds representative on the SJP board and had been in the role since February 2009.
He will be replaced by Lloyds retail risk managing director Alison Hewitt and Lloyds group audit director Sue Harris.
An agreement between the two firms entitles Lloyds to have up to two representatives on the board.
SJP chairman Charles Gregson says: “I would like to thank Steve Colsell for his valuable contribution during his time on the SJP Board and we look forward to working with Sue and Alison going forward.”
Last month, Lloyds raised £520m from institutional investors through the sale of 20 per cent of SJP. The bank continues to hold a 37 per cent stake following the sale.