Richard Sinclair, chief operating officer of Ashcourt Rowan, will step down from the board with immediate effect and leave at the end of July to assume a senior role in an unrelated industry.
The group is not looking for a replacement and Mr Sinclair’s responsibilities will be split across the group.
Steve Haines, non-executive director, will also step down from the board with immediate effect to assume an executive role as head of the group’s governance and risk functions, while also having a wider management role within the company.
Hugh Ward, chairman of the board, has been appointed as the new chairman of the audit committee, a position previously held by Mr Haines.
Bosses said this appointment will be on an interim basis until a new non-executive director is appointed.
As a result of these changes, the structure of the company’s board of directors will change to comprise a non-executive chairman, two non-executive directors and two executive directors in the chief executive and chief finance officer.
The search for a new non-executive director, which has already been initiated, is being led by Mr Ward and Jim Roberts, senior non-executive director, and an announcement will be made in due course.
Jonathan Polin, group chief executive officer of Ashcourt Rowan, said: “Richard has played a central role in the modernisation of the group and was a key member of the team with us in the project we undertook to build a modern wealth group.
“On behalf of the board, I would like to take this opportunity to thank him for his exceptional contribution to the company over the past two years and wish him well in all his future endeavours.
“Steve has been a tremendous help in recruiting the new management team we currently have in place and I am delighted to welcome him as head of governance and risk. His skills and expertise will be invaluable as we look to move the business to the next stage of our development.”
