WEALTH management specialist Mattioli Woods is to streamline its plc board, the company announced today.
The move will see Mark Smith and Alan Fergusson remain as key figures on the Mattioli Woods' senior executive team and continue in their respective roles as chief operating officer and employee benefits managing director, but step down from the plc board with immediate effect.
The switch to a leaner, new-look board of six was revealed today by Ian Mattioli MBE, co-founder and chief executive officer of the AIM-listed company.
Under the change, it will now comprise of three independent non-executive directors and three executives.
It follows internal and external reviews of the effectiveness of the plc board, its sub-committees and the group’s senior executive management framework.
Now the board will focus on group strategy, finance, risk and governance. The company’s senior management team, known as SETGO, will concentrate on delivery and control of the execution of the group’s strategic and operational initiatives.
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.
“We believe the change gives greater balance between the plc board and SETGO, reducing the duplication of work and controls and setting up the business structure to compete successfully for the next phase of our growth”.
The board will now be made up of Joanne Lake, its independent non-executive chairman; Ian Mattioli; Murray Smith, group managing director; Nathan Imlach, chief finance officer; and Anne Gunther and Carol Duncumb, both independent non-executive directors.
The senior executive team will continue to be formed by Ian Mattioli, Murray Smith, Nathan Imlach, Mark Smith, Alan Fergusson, chief business officer Sara Andrews and Simon Gibson, chief investment officer.
Mr Mattioli said: “Without the team of great people we have, we could not have achieved what we have over the last 25 years. Mark Smith and Alan Fergusson have my full appreciation as they continue their senior roles within SETGO and our business. Their agreement to this progression shows the real values we have built up within Mattioli Woods”.
In a trading update last month, the company – also a leading specialist in the employee benefits sector – revealed annual revenues of more than £50 million and £7.7 billion of assets under management for the year ending May 31, 2017.