St James’s Place (SJP) has appointed Iain Cornish as its new chairman, replacing the retiring Sarah Bates.

Cornish currently serves as the firm’s senior independent director, a role that will now be handed over to Roger Yates.

Cornish previously worked as the senior consultant at KPMG, CEO at the Yorkshire Building Society, and chair at Shawbrook Group. He also served as an independent director of the Prudential Regulation Authority.

Bates joined SJP’s board in 2004 and has been serving as the firm’s chairman since 2014.

“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 1st 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,” Bates said.

The appointments will be effective after 5 July 2018, subject to regulatory approval.

In addition, the firm also said that it is in the process of appointing an additional independent non-executive director to the board.