Former Northern Rock chairman Ron Sandler has been named new chair at Towry.
Sandler (pictured) will take the reins in June, replacing Gerald Corbett who will take the chairman's seat at Numis.
Corbett will continue to serve until May to ensure an orderly succession.
Sandler was parachuted into Northern Rock by the then Labour government at the start of 2008 in a bid to save the stricken state-owned lender. He oversaw its return to the private sector when Virgin bought the business in November 2011.
Prior to this he had spells as chairman at Phoenix Group and Paternoster and also had a stint as chief operating Officer of NatWest Group and chief executive of Lloyd’s of London.
Gerald Corbett said in a statement: 'I have much enjoyed my time at Towry and wish the company and its management well.
'Stepping down now enables me to focus my energies on my new appointment at Numis and the other public companies that I chair. Ron has outstanding business experience and is an ideal choice as the next chairman.'
Sandler added: 'On behalf of Towry I’d like to thank Gerald for his work for Towry and wish him well at Numis. Towry is a great business and I am looking forward to the challenge.'