St James’s Place chair Sarah Bates is retiring from the board with immediate effect, following the group’s annual general meeting (AGM) being held today.
She will be replaced by Iain Cornish, who is currently a senior independent director. As part of the reshuffle, Roger Yates will then be named senior independent director.
The group told the stock market that it is also in the process of hiring an additional independent non-executive director to the board.
Bates has been on SJP’s board since 2004 and was named chair in 2014, where she went on to oversee the succession of Andrew Croft (pictured) from David Bellamy as CEO in January.
She said: ‘It has been a privilege to be a director of St James's Place 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 and Andrew, 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. I wish them all the best.’
Cornish added: ‘I am delighted to have been asked to chair St James's Place and would like to thank Sarah 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.’