St James’s Place (SJP) has restructured its board with chair and director Sarah Bates retiring from her positions.
Bates, who has been on the board of SJP since 2004 and served as chair since 2014, is being replaced by Iain Cornish, who is currently senior independent director. Roger Yates will become the new senior independent director.
Bates decided to step down from her positions following the transition of Andrew Croft as the new chief executive, replacing David Bellamy in January 2018.
In a market update, SJP said Bates has ‘successfully navigated the board through a changing environment during which the company has experienced strong growth’.
Bates said: ‘It has been a privilege to be a director of SJP for more than 13 years and chair of the board since 1 January 2014. Over this period, the company has delivered remarkable success, creating value for all its stakeholders.
‘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.’
Cornish thanked Bates for her ‘tremendous contribution during her time on the board’.
‘I very much look forward to working with the rest of board and a first-class executive team to deliver further success into the future,’ he said.
SJP is also hiring a new independent non-executive director, the firm said in the market update.
The new appointments will come into place once they have had regulatory approval.
For the first quarter of 2018 SJP saw gross inflows of £3.9 billion, a 21% year on year rise with assets under management of £89.9 billion.