St. James’s Place, a UK-based wealth management business, has named Sarah Bates as its new chairman, succeeding Charles Gregson, with effect from 1 January 2014.

Bates joined the company’s board as an independent non-executive director in 2004 and became senior independent director in January 2012.

Iain Cornish, currently independent non-executive director, will become senior independent director, replacing Bates.

Additionally the company also announced that, Mike Power, an independent non-executive director, will also step down from the board but will retain his place on the board of the firm’s Dublin-based life company, St James’s Place International.

Simon Jeffreys and Roger Yates will both join the board as independent non-executive directors.

Jeffreys is currently serving as chief operating officer of Wellcome Trust and a non-exec director of Henderson International Income Investment Trust, while Yates is currently serving as non-exec director of Pioneer Global Asset Management and JP Morgan Elect.

Commenting on the changes, Bates said: "On behalf of the board, I would like to thank Gregson for his significant contribution as a non-executive director and then chairman of St. James’s Place and he will leave the company and board in excellent shape.

"I would also like to thank Power for his long-standing commitment and invaluable contribution as a non-executive director over the last nine years. We look forward to welcoming Jeffreys and Yates, who will be strong additions to our Board."