Restricted advice group St James's Place is to replace its chairman in a board reshuffle.
Charles Gregson, non-executive chairman will step down from the St James's Place board at the end of the year to spend more time on his other directorships and will be replaced by Sarah Bates, currently senior independent non-executive director, on 1 January 2014.
Bates is also chairman of the JP Morgan American Investment trust and Cancer Research UK Pension Fund Investment Committee and was formerly chairman of the Association of Investment Companies.
As part of the reshuffle, Iain Cornish, currently independent non-executive director will become senior independent director.
Mike Power, independent non-executive director, will step down from the board at the end of the year but remain an independent non-executive director for Dublin-based life company St James's Place International.
Simon Jeffreys, a former partner at PriceWaterhouseCoopers and group chief administrative officer at Fidelity, and Roger Yates, former chief executive of Henderson, will both join the board as independent non-executive directors.
Bates: ‘On behalf of the board, I would like to thank Charles for his significant contribution as a non-executive director and then chairman of St. James’s Place and he will leave the company and board in excellent shape.
'I would also like to thank Mike for his long-standing commitment and invaluable contribution as a non-executive director over the last nine years. We look forward to welcoming Simon Jeffreys and Roger Yates, who will be strong additions to our board.'