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IFG Group shakes up boardroom following exit from non-UK operations
Financial services company IFG Group has completely revamped its boardroom following a successful exit from its non-UK operations in order to focus on on the "attractive and growing UK wealth management and intermediary platform markets".
In light of its evolution over the last three years, IFG decided it was time for new leadership to take the business forward.
John Cotter, IFG's group chief executive, stood down from the role he had held since September 2016 and will be replaced by Kathryn Purves, chair of the firm's risk committee, effective immediately.
IFG also announced that John Gallagher had decided to step down as group chairman following its annual general meeting in May, at which point Mark Dearsley, currently acting as interim chief financial officer, will succeed him.
"Given the strong prospects for the group, I remain fully committed to IFG as a shareholder," Gallagher said on Wednesday.
Lastly, IFG appointed Gavin Howard, an experienced financial services executive and qualified actuary, as interim group chief financial officer with immediate effect.
Newly appointed chief executive, Kathryn Purves, said, "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."
As of 1400 BST, shares had picked up 1.59% to 160p.