The chief executive and chairman of James Hay's parent company have both stood down after the board decided it wanted "new leadership".
John Cotter's resignation as IFG Group chief executive has taken immediate effect while John Gallagher, the company's chairman, will stand down following the annual general meeting next month.
Kathryn Purves, currently a non-executive director of IFG, will take over as chief executive, while Mark Dearsley, currently interim chief financial officer, will become chairman and will be replaced by Gavin Howard.
IFG Group said the changes came after the composition of the company "shifted significantly" over the past three years following its exit from its non-UK operations to focus on the British wealth management and intermediary platform markets.
In a statement, IFG Group said: "In the light of this evolution, the board believes now is the appropriate time for new leadership to take the business forward."
Mr Gallagher said: "I would like to thank John Cotter for his important contribution to the group in a number of roles over the past four years.
"The group has been repositioned significantly over this period resulting in a more streamlined structure with two very strong and well positioned businesses.
"Looking ahead, we are extremely fortunate to have already amongst our ranks a successor of Kathryn's calibre."
Mr Gallagher has said he intends to remain a major shareholder in the company.
Ms Purves said: "Firstly, I would like to record my thanks, on behalf of my board colleagues, to John Gallagher for his leadership and counsel as our chairman for the last five years. His continuing support as a major shareholder matches my own belief in the excellent prospects of IFG going forward.
"I now look forward to working closely with Mark and Gavin and the leadership teams of Saunderson House and James Hay to maximise each business's potential and create the conditions in which they, and the group overall, are best placed to flourish and deliver further value to shareholders."
Ms Purves joined the IFG board in May 2016 and was previously chief risk officer of Partnership and has senior leadership experience at companies including Phoenix Equity Partners, Deutsche Bank and UBS.
Mr Dearsley is a chartered accountant who served as group strategy director for Just, group finance director of Partnership, chief financial officer for Savills.
Mr Howard is a qualified actuary who has been chief financial officer or finance director at companies such as Octopus Group, Just, Partnership, Barclays and Friends Provident.
damian.fantato@ft.com
