St James’s Place chair Sarah Bates will retire from the wealth manager after 14 years with the firm.
Bates will be replaced by current senior director Iain Cornish in her capacity as chair, while SJP also looks to appoint a new non-executive director to the board.
Bates became chair in 2014 and oversaw the transition of chief executive from David Bellamy to Andrew Croft earlier this year.
She says: “I am confident that Iain [Cornish] and Andrew [Croft], the board and the executive team will continue to deliver value to clients, partners, advisers, staff and shareholders and continue to evolve the business in the years ahead.”
Commenting on his appointment, Cornish says: “I am delighted to have been asked to chair SJP and would like to thank Sarah for her tremendous contribution.”
It is expected that Cornish will begin his new role on 5 July after the appointment of a successor to his position as chair of the board’s risk committee.
Annual accounts published by SJP earlier this year show pay for its directors is increasing, up 20 per cent between the calendar years 2016 and 2017 and reaching £14.5m at the end of last year.
The gender balance at the wealth manager has also improved, with 23 per cent female hires within its 2017 staff intake.
Overall, however, the gender pay gap at the wealth manager remains around 47 per cent.