Woodford Investment Management is due to appoint Marcia Campbell as the chair of its oversight board in the coming days, Fund Strategy understands.
The former Standard Life director and chief executive of Asia Pacific would replace Mary Reilly, who has been in the role since the launch of Woodford IM in 2014.
Campbell is a non-executive director at Canada Life, Murray International Trust, CNP Assurances and Sainsbury’s Bank. She is a member of the independent governance committee at Aviva.
A Woodford IM spokesperson says: “We will shortly be announcing the appointment of a new chairman to our oversight board, who will replace outgoing chair Mary Reilly.”
The spokesperson says Reilly played a crucial role in developing Woodford IM’s procedures and processes, but that she is seeking to scale down her non-executive duties, which include overseas commitments.
Reilly is currently a non-executive director at Travelzoo, the Department of Transport, and the Crown Agents.
In May an application to Companies House revealed the investment firm was seeking to transition from an LLP to a limited company, in part to improve corporate governance.
The company has also been looking at expanding its fund range to introduce a new higher income offering.