Wealth manager St James's Place plc has announced that senior independent director and former Yorkshire Building Society chief executive Iain Cornish is to become its new chairman, replacing Sarah Bates who is retiring.

The company reported to the London Stock Exchange today that as part of its planned succession arrangements - and in advance of its AGM being held today - Sarah Bates has decided to retire as chair and as a director of the company.

She will be replaced in due course by Iain Cornish, currently the senior independent director and Roger Yates will be appointed as the Senior Independent Director.  A new independent non-executive director will also eventually be appointed.

Mr Cornish brings experience from the financial and regulatory sectors.  He was a senior consultant at KPMG specialising in the banking and finance sector and then served as chief executive of the Yorkshire Building Society. Until recently he was the chair of Shawbrook Group, a specialist savings and lending bank.

He has also been an independent director of the Prudential Regulation Authority.  He continues to serve as a non-executive director of Arrow Global Group plc and Treasurer of Macmillan Cancer Support.

Ms Bates joined the board in 2004 and became chair in 2014.  She oversaw the recent transition of Andrew Croft to chief executive to replace David Bellamy in January 2018.

 SJP says the succession planning and the appointment process was undertaken by a committee of independent members of the board, which excluded Sarah Bates and Iain Cornish. 

The appointments will become effective once regulatory approvals have been received, including that for the appointment of the successor to Iain Cornish as chair of the Board Risk Committee.  It is expected that this will be by 5 July or when such approvals are confirmed.  

Iain Cornish, said: "I am delighted to have been asked to chair St James's Place and would like to thank Sarah for her tremendous contribution during her time on the board. I very much look forward to working with the rest of board and a first-class executive team to deliver further success into the future."

Ms Bates said: "It has been a privilege to be a director of St James's Place for more than 13 years and chair of the board since 1 January 2014.  Over this period, the company has delivered remarkable success, creating value for all its stakeholders.  

“I am confident that Iain and Andrew, the Board and the Executive team will continue to deliver value to clients, Partners, advisers, staff and shareholders and continue to evolve the business in the years ahead.  I wish them all the best."