The chairman of WH Ireland is to exit the board at the end of the year following a bumpy reign and a challenging 2018.
Tim Steel will step down at the end of December 2019 as well as non-executive director Richard Lee.
WH Ireland has initiated a process to identify and appoint a successor for Steel.
Steel oversaw leadership shake up
Steel joined the board in March 2014 and was appointed chairman in January 2016.
He has also overseen a complete change of senior management with a new CEO, CFO, head of wealth management and head of compliance. In July 2018, the firm’s former CEO Richard Killingbeck stepped down after six years, as the company’s assets under management fell to £2.6bn in its results for the 16-month period to March.
It reported an “alarming” £11.3m loss for 2018, in the July update.
Steel has also presided over a number of board changes bring on Simon Lough, Philip Shelley and Alistair Buchanan.
Lee will continue as a senior adviser to the company as it develops its wealth management business. He had worked at WH Ireland for eight years before becoming a non-executive director in January 2010.
Challenging market conditions
In a trading update today, the firm said it has made good progress in its recovery plan “despite challenging market conditions”. It will update the market at its interim results in November.
Steel said: “Having overseen the implementation of the first phase of our recovery plan and the recruitment of a new senior management team and board, it is time for a new chairman to oversee the next stage of WH Ireland’s development.”
