Two directors at Mattioli Wood have stepped down from its board as part of a plan to improve the company's governance.
Chief operating officer Mark Smith and employee benefits managing director Alan Fergusson have resigned from the board with immediate effect but they will keep their roles in the company’s senior management team.
The move, designed to eliminate duplication and overlap between the board and the senior executive team, follows internal and external reviews of the effectiveness of the company’s different bodies.
The board will now focus on group strategy, finance, risk and governance while Mattioli Wood’s senior management team will concentrate on delivery and control of the execution of the group’s strategic and operational initiatives.
With these changes the company’s board is reduced from eight members to six and will consist of three independent non-executive directors and three executives.
The company's board will consist of Joanne Lake, independent non-executive chairman; Ian Mattioli, co-founder and chief executive; Murray Smith, group managing director; Nathan Imlach, CFO; and Anne Gunther and Carol Duncumb, both independent non-executive directors.
Mr Mattioli said: “The group has always been committed to maintaining high governance and control standards.
“The board and its senior management team have been looking at how the needs of the group should be governed, led and managed so that it can continue to grow and develop as a listed financial service business ensuring great client outcomes."
Mattioli Wood achieved £50m in revenues for the first time in its history, for the year ending in May. The company has £7.7bn in assets under management.
In February the company acquired a near-majority stake in wealth manager Amati Global Investors with the option to acquire the entire business after two years.